Deduction u/s 24(b)

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Querist : Anonymous

Querist : Anonymous (Querist)

08 February 2013 I have purchased a house in FY 2007-08 by taking a loan. I sold the house in the same year. Can i claim the deduction of interest u/s 24(b) in the same year for the period of retaining house or is there any other treatment for interest?

Amol S Joglekar

Amol S Joglekar (Expert)
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08 February 2013 You were not having the house as at the end of the year, so you can not claim the interest.

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Querist : Anonymous

Querist : Anonymous (Querist)

08 February 2013 Sir, can i add amount of interest in cost of house property while computing capital gain

CA. RAGHAV GARG

CA. RAGHAV GARG (Expert)
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10 February 2013 I Strongly object Amol and as per my view, Interest U/s 24(b) is allowed as deduction, irrespective of the fact that you have sold the house.

Provided you have the bank Certificate stating such payment. Further you are also allowed to take benefit of principal u/s 80C

Amol S Joglekar

Amol S Joglekar (Expert)
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11 February 2013 Thank you Raghav for the contrarian view.

Querist : Anonymous

Querist : Anonymous (Querist)

11 February 2013 Thanks Amol ji and Raghav Ji. Finally i reached in opinion that we can claim deduction irrespective of the fact that the house is not in our hand at the end of the year. Thanx alot