Please Help: Capital Gain
Posted Date : 12-Dec-2012 , 01:38:31 pm | Posted By AJAY D. LUKKA
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 ??
Category : Income Tax | Answers : 1 | Comments : 3 | Hits : 139
Answers
Answer By: CA Satuti Mahajan
yes
Comments
RAKESH JAIN
13-Dec-2012 , 10:42:19 pmNo, Double Benefit is not allowed under Income Tax Act.
RAKESH JAIN
13-Dec-2012 , 10:42:58 pmvipul jadhav
18-Dec-2012 , 07:40:02 pmnope, 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.