RANJAN (C.A.) (102 Points)
21 February 2011Hello friends,
MY Question is that , Interest on money borrowed to purchase
an asset is included in cost of Acquisition????
Is it true, if Yes, What wil be the impact on the deduction claimed u/s24 for the same amount??
Won't there be a double deduction???
Ankit Agarwalla
(CA)
(281 Points)
Replied 21 February 2011
Interest on money borrowed to purchase a house can't be included in cost of acquisition as it is allowed u/s 24
Ramapratap Mantri
(2 Points)
Replied 07 December 2022
I sold a property for Rs.48.00 lakh out of which capital gain is Rs.21.51 lakh.
Kindly clarify the following :-
For me to avoid paying the 20% tax on capital gains should I invest the entire amount of Rs.48.00 lakh in capital gain bonds or only the taxable amount of Rs.21.51 lakh
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160886 Points)
Replied 07 December 2022
If the property sold is house property, only capital gain amount is to be invested in CG bonds, as per u/s. 54 of the act.
CAclubindia
