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New judgement regarding intt on housing loan

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Income-Tax Appellate Tribunal (ITAT) of Chennai has held that interest on home loans will continue to remain out of the tax net even if the house is sold later. The tribunal clarified that the interest paid on loans is certainly an expenditure that should be taken into account while computing the income from house property as well as in computing capital gains arising from sale of the same property. The order was given on October 31 by a two-member bench comprising OK Narayanan and SS Godara.

Replies (5)

very useful info.. thx for sharing..

bookmarked..

Thanx for info..........
Originally posted by : CA MANISH AGRAWAL

Income-Tax Appellate Tribunal (ITAT) of Chennai has held that interest on home loans will continue to remain out of the tax net even if the house is sold later. The tribunal clarified that the interest paid on loans is certainly an expenditure that should be taken into account while computing the income from house property as well as in computing capital gains arising from sale of the same property. The order was given on October 31 by a two-member bench comprising OK Narayanan and SS Godara.


good share....

Is indexation cost benefit on such interest allowed while computing Capital Gain arising from sale of house property?


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