Bangalore ITAT Grants Indexation on Housing Loan Interest to NRI

Santanu Arun Nandi Vs ITO (ITAT Bangalore) Bangalore ITAT: NRI Allowed Indexed Interest Cost on Housing Loan; Travel Expenses for Property Sale Sent Back for Verification In a significant ruling for NRIs, the Bangalore ITAT held that interest paid on housing loan can form part of the cost of acquisition and be allowed with indexation, provided the same was not earlier claimed under the head “Income from House Property”. The assessee, an NRI, had sold a residential property for ₹2.63 crore and while computing long-term capital gains claimed deductions towards travel expenses incurred for ...