Please Help: Capital Gain
Posted Date : 12-Dec-2012 , 01:38:31 pm | Posted By: AJAY D. LUKKA
Category :
Income Tax | Answers :
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Interest paid on Purchase of Residential House Property is allowed as deduction under the head house Property, Whether the same is allowed as deduction when the house property is sold under the head Capital Gain ? is their any recent case law for the same ?? |
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Answers:
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 Answer by: CA Satuti Mahajan |
| yes
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| Comments |
| Posted By : Vipul Jadhav |
18-Dec-2012, 07:40:02 |
| nope, not allowed under the head capital gains.
the same can only be claimed in capital gains only when the interest cost has been capitalised to asset account from the very begining. |
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| Posted By : RAKESH JAIN |
13-Dec-2012, 10:42:19 |
| No, Double Benefit is not allowed under Income Tax Act. |
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