Query on ltcg

Hemant D (na) (304 Points)

13 September 2016  
Suppose A has purchased a house property and has taken a loan for acquisition of the same. A has availed benefits u/ss 80C & 24. After 3 years the property is sold resulting in accrual of LTCG to A. In this situation deduction u/s 80C would be disallowed as it is sold within 5 years from the date of acquisition. Can the reversal of deduction u/s 80C be added to cost of acquisition and indexation benefit claimed thereof for computation of LTCG