house purchase cost 500000 year 09-10 interest paid 10-11 (50000),11-12 (45000),12-13(40000)
sales of house 12000000 year 13-14 ( find out capital gain with calculation ,how the interest cost willbe index
Menu
Income tax
Replies (1)
Indexed cost of purchase = 5000000 * 939/632 = 7428797
Long term capital gain = 12000000 - 7428797 = 4571203
As it is self occupied property you can claim interest exp U/s 24 up to Rs.150000
There is no relevance of interest in calculation capital gain..
Hope this will clear your confusion
Recent Topics :
- Gross total income
- Export Compliance
- Sale of plots in open land
- Income tax query
- Best CA Inter coaching in laxmi nagar
- HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
- Unregistered Association of Persons (AOP) Agreemen
- Intimation u/s 245 of income tax act
- Ewaybill query
- IDS Refund: GSTR-2B Invoice Not Validated in State
Related Topics :
CAclubindia
