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
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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
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