Deduction u/s 48.
This query is : Resolved
28 December 2008
Can the expenditure incurred by an assessee to remove an encumbrance be allowed as a deduction u/s 48, in the following cases:-
„« where the mortgage was created by the assessee himself;
„« where the mortgage was created by the previous owner.
„« where the mortgage was created by the assessee himself;
„« where the mortgage was created by the previous owner.
28 December 2008
In the second situation deduction u/s 48 will be allowed.
28 December 2008
ENCUMBRANCE / MORTGAGE CRETAED BY OTHER PARTY CAN BE CLAIMED
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