Interest on Home Loan- Deduction U/s. 24(b) and in Computation of Capital Gain

Sh. Subhash Bana Vs. ACIT (ITAT Delhi) Deduction u/s. 24(b) and computation of capital gains u/s 48 were altogether covered by different heads of income i.e., income from ‘house property’ and ‘capital gains’. None of them excludes operation of the other. The interest in question was indeed expenditure in acquiring asset. Since both provisions were altogether different, assessee was entitled to include interest paid on housing loan for computation of capital gains u/s 48 despite the fact that same had been claimed u/s 24(b) while computing income from house property. FULL TEXT OF THE IT...