Housing Loan Interest Eligible For Double Deduction: ITAT Chennai

Interest paid on borrowing for acquiring house deductible u/s 24(b) & 48
The assessee borrowed funds for purchasing a house. The interest paid on the said loan was claimed as a deduction u/s 24(b). When the house was sold, the interest paid on the said loan was treated as “cost of acquisition” and claimed as a deduction u/s 48 in computing the capital gains. The AO held that as the interest had been allowed as a deduction u/s 24(b), it could not be allowed again in computing capital gains. The CIT(A) allowed the claim. On appeal by the department to the Tribunal, HELD dismissing the appeal:

Click Here for the details

Advertisements

One Comment on “Housing Loan Interest Eligible For Double Deduction: ITAT Chennai”

  1. sanjay dalvi says:

    Dear sir,

    I would like to know about Agriculture and Non Agriculture Land in Panvel. Also i want to know about the documents which is required to Sale/Purchase such type of land.

    Regards,

    Sanjay Dalvi =====================


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s