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For properties sold after 31 March, sellers cannot include the interest portion of the home loan in cost of acquisition while calculating capital gains if they have already claimed deduction on it.
Budget 2023 has finally plugged a loophole that was exploited by homebuyers, particularly those who had availed of home loans
Learn about tax-beneficial savings and investment options in India.
Can you get home loan tax benefit when property acquisition is pending? × My cousin participated in the e-auction of immovable properties mortgaged to one of the nationalised banks during Dec 2019 and he was declared the successful bidder of the house property (flat in Chennai). He was asked to remit the stipulated sum within a period of 20 days from the date of auction. He arranged 30 per cent of the value of the property from own source and balance sum has been borrowed from a nationalised bank as housing loan. He was able to fulfil his commitment within the time frame. In view of litigati...