Interest paid on housing loan not allowable as cost of acquisition

DCIT Vs Narendra Gehlaut (ITAT Mumbai)

ITAT Mumbai held that interest paid on housing loan borrowed for purchase of flat is not allowable as cost of acquisition.

Facts- During the scrutiny proceedings, the Assessing Officer noticed ‘long term capital gain ’(LTCG) of Rs.8,98,59,373/- declared by the assessee on transfer and assignment of provisional reservation rights in a flat No. C-3501, which was booked by the assessee in an apartment namely “BLU Estate & Club”, Worli (M

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