https://www.taxtmi.com/caselaws?id=758019 ITAT Bangalore allowed assessee's appeal regarding LTCG deduction u/s. 54. CIT(A) erroneously considered only stamp duty of Rs. 1,03,60,000 as cost of new residential house instead of actual purchase price of Rs. 19,53,60,000. ITAT held entire purchase cost should be allowed as deduction u/s. 54, restricted to sale proceeds of Rs. 3,86,00,000. Additionally, CIT(A) wrongly disallowed interest on housing loan u/s. 24 on mistaken grounds. ITAT allowed the interest deduction as property was let out with rental income of Rs. 4,74,69,381, and assessee provided bank certificate proving interest payments previously allowed by department. en-us Wed, 12 Jun 2024 00:00:00 +0530 Thu, 05 Sep 2024 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758019 ITAT Bangalore allowed assessee's appeal regarding LTCG deduction u/s. 54. CIT(A) erroneously considered only stamp duty of Rs. 1,03,60,000 as cost of new residential house instead of actual purchase price of Rs. 19,53,60,000. ITAT held entire purchase cost should be allowed as deduction u/s. 54, restricted to sale proceeds of Rs. 3,86,00,000. Additionally, CIT(A) wrongly disallowed interest on housing loan u/s. 24 on mistaken grounds. ITAT allowed the interest deduction as property was let out with rental income of Rs. 4,74,69,381, and assessee provided bank certificate proving interest payments previously allowed by department. Case-Laws Income Tax Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758019