I am selling an u/c Flat at a profit of 10 Lakh. The profit falls under Short Term Capital gain as it has not completed 3 yrs.
I have paid 3 lakh as interest on the Home Loan taken for this property.
Is this interest amount deductible from the Total Profit and Taxable Income will be 7 Lakh??
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Taxation on resale of u/c property
Replies (2)
it is not deductible since you have already claimed home loan interest under section 24(b)
| Originally posted by : IndianTaxUpdates.com | ||
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it is not deductible since you have already claimed home loan interest under section 24(b) |
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Hi,
it is an Under Construction Property, u/c = under construction.
no claim is taken for interest as it is not allowed in under construction properties.
please advise.
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