Capital Gains- Cost of aquisition
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 June 2010
Dear Sir,
Whether the legal expenses paid in relation to acquisition of title (which was in dispute
) spent at the time of selling of capital asset can be deductible from sale proceeds?
If yes, please mention any related case laws supporting the above opinion.
Whether the legal expenses paid in relation to acquisition of title (which was in dispute
) spent at the time of selling of capital asset can be deductible from sale proceeds?
If yes, please mention any related case laws supporting the above opinion.
24 June 2010
As per Section 48 all the expenses which are related to sale of the capital assets are allowed to be deducted from the sales consideration.
24 June 2010
agreed with experts
[Mode of computation.
48. The income chargeable under the head "Capital gains" shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :—
(i) expenditure incurred wholly and exclusively in connection with such transfer;
(ii) the cost of acquisition of the asset and the cost of any improvement thereto:
[Mode of computation.
48. The income chargeable under the head "Capital gains" shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :—
(i) expenditure incurred wholly and exclusively in connection with such transfer;
(ii) the cost of acquisition of the asset and the cost of any improvement thereto:
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 June 2010
24 June 2010
When section is clear then there is no need of any case law for the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Inventory of finished goods
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Disallowance of Section 43B(h) to sez units
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- Applicability of Ind As to associate of associate
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
