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Q. > Please Help: Interest on Home loan - Capilised ?
Can the interest paid on housing loan be also added to the cost of acquisition of the property while calculating the capital gains?
1 Answers
answered Aug 04, 2014 by shankygarg , Karnal
Yes,interest paid on housing loan can be added for capital gains. But, it is a controversial matter whether if you claim house loan deduction in 80C.
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Comments
SHYAM SUNDER
04-Aug-2014 , 03:00:50 pmYes, as the case decided in CIT vs Raja Gopala Rao [2001]-(mad.), borrowing directly related to the acquisition and interest paid thereon would form part of the cost of acquisition.
MANOJ KUMAR AGGARWAL
04-Aug-2014 , 09:37:42 pmas per my view we can not add interest on house loan in cost for capital gain because loan only for financial matter not for cost eg if we purchase a house 10 lakh in cash.than cost is 10 lakh. other hand we purchase house on loan than we say 10lakh cost+5 lakh interest our cost is 15 lakh.but you know each and every case we take benefit of 5 lakh income from house property then can income tax act give double benefit m.no 09910652297
shankygarg
05-Aug-2014 , 10:40:31 amActually, that's why i said that it is a controversial issue because both sec. - Income from house property & for Capital Gains are not related because of which it is allowed but due to Double tax benefit it is a highly litigated matter.
Abha
06-Aug-2014 , 01:04:40 pmNO, interest paid on housing loan can not be added to the cost of acquisition. Interest comes in the picture only after acquiring the property. its a event occurring after acquiring the property. Interest can be claimed against house property income.