Q1.I want to buy a property after selling one that I did bought with a home loan. The EMIs I have paid till date have accounted for the interest portion of the loan. Could you tell me if I can adjust this from the sale 

Ans)Section 48 of the IT ACT1961 deals with the computation of the capital gains arising from the transfer of a capital asset. It provides that for the purposes of computing capital gains, the cost of acquisition, expenditure on improvement and the expenditure incurred in connection with the transfer shall deduct from the full value received .The interest paid for purchase a house property is not a permissible deduction for computing the capital gains