Home loan emi and cost of acquisition
This query is : Resolved
12 August 2012
I have paid a substantial EMI on my home loan for 8 yrs.
Now I plan to sell the residential house.
Cost of Acquisition should include COST OF CAPITAL / EMI (at least some component of it).
How to calculate this component and add it to the cost of acquisition?
Thanks,
Kapil
Now I plan to sell the residential house.
Cost of Acquisition should include COST OF CAPITAL / EMI (at least some component of it).
How to calculate this component and add it to the cost of acquisition?
Thanks,
Kapil
13 August 2012
Cost of acqusition is the amount paid to acquire the asset + stamp duty + commission/brokerage.
Interest portion in EMI has already been allowed as deduction while computing Income under the head Income from House Property.
Principal portion in EMI has already been allowed as deduction u/s 80C.
Benefit of an expenditure is allowed only once and not twice.
So, NO Portion of EMI will be added to the cost of acquisition.
Interest portion in EMI has already been allowed as deduction while computing Income under the head Income from House Property.
Principal portion in EMI has already been allowed as deduction u/s 80C.
Benefit of an expenditure is allowed only once and not twice.
So, NO Portion of EMI will be added to the cost of acquisition.
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