I brought a residential land in 2003 for 10 lakhs. Registration and brokerage expenses were about 1.4 lakhs.I availed a personal loan for 6 lakhs towards this. Loan duration is 5 years and will be complete in another 6 months.I'm planning to sell this property now for 25 lakhs. Since i was holding the property for more than 3 years,
it will be a long term capital gains. Can i account the interest paid while calculating capital gains?
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Capital gains?
Replies (2)
In a recent case law it has been held that interest on term loan for acuqiuiring the house will not be allowed as a deduction for calculating capital gains. Being interest on loan for house property, it could be claimed under the Income from House property as per provisions of IT ACT
As per me :: Residential plot being a vacant plot/land and no structure is rected on it so it may not fall under HP status ... Rather it may go to 54F so accordinly interest paid on it can be counted.
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