Cost of acquisition
This query is : Resolved
02 December 2011
profestional Exp (Lawers fee Drafting For sale & purchase Deed )Incured at the time of Purchasing of property..
are included for cost of acquition or not
if Included then We apply indexation or not
plz do needfull
Its Urgent
are included for cost of acquition or not
if Included then We apply indexation or not
plz do needfull
Its Urgent
02 December 2011
i think professional expenses will not cover in COA.
Cost of aquistion= considaration paid for property to seller. or Amount by which property is registered in record of registrar of property.
wait for opinion of other experts
Cost of aquistion= considaration paid for property to seller. or Amount by which property is registered in record of registrar of property.
wait for opinion of other experts
02 December 2011
Subject to certain exceptions, capital gain is computed in the following manner :-
Capital Gain = ( Full value of consideration received or accrued on transfer of capital asset) - ( Cost of acquisition of capital assets + Cost of improvement of capital assets + Expenditure incurred wholly and exclusively in connection with the transfer of capital asset such as stamp duty, registration charges, legal fees, brokerage etc.)
Capital Gain = ( Full value of consideration received or accrued on transfer of capital asset) - ( Cost of acquisition of capital assets + Cost of improvement of capital assets + Expenditure incurred wholly and exclusively in connection with the transfer of capital asset such as stamp duty, registration charges, legal fees, brokerage etc.)
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03 December 2011
At the time of Purchase of the property for acquiring title over the property, legal expenses includes lawyers fees also. If you will not pay to the lawyer, he would not prepare a Sale Deed and if Sale deed is not entered into , Property Transaction would not complete. As such in my view, it is to be included and indexation will be done from the year in which such expenses are actually incurred by the purchaser of the property.
So one can say that these form part of Cost of Acquisition of the property only.
So one can say that these form part of Cost of Acquisition of the property only.
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