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“DEDUCTIONS TOWARDS HOME LOAN & HRA CAN BE CLAIMED SIMULTANEOUSLY”

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TAX TALK-21.04.2014-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant “DEDUCTIONS TOWARDS HOME LOAN & HRA CAN BE CLAIMED SIMULTANEOUSLY” Query 1] I have purchased a plot on 07/10/2002 for Rs. 3,04,000/- and paid stamp duty and registration charges Rs. 48,640/-. I have thereafter started house construction in the said plot in 2004 and completed it in July 2005. I have taken housing loan of Rs. 9,67,500/- from ICICI Bank. In 2007-08, I have incurred near about Rs. 3.64 Lacs for furnishing and coloring of the said house. But today, I do not have any documentary proof of the same. I have decided to sale the said house now. The offer for my house is Rs. 70.00 Lacs. How capital gain is calculated in this situation? Please guide me how much capital gain tax I will have to pay and how it will be calculated? [Mr. B. N. Patil- patilbn_1@yahoo.com ] Opinion: 1.       Computing Long Term Capital Gain (LTCG): Long Term Capital Gain (LTCG) is to be cal