12 November 2008
Whether expenses incurred towards transfer of business can be deducted from the sale consideration. My view is that Section 50B overides section 48 only to the limited extent of cost of acquisition/improvement and indexation. Hence expenses towards transfer shall be reduced from the sale consideration.
Is there any authority(in the form of articles/judgement etc) in favour of my view
13 November 2008
Mr.Ramachandran's view that Section 50B overides section 48 only to the limited extent of cost of acquisition/improvement and indexation is correct in my opinion.
17 November 2008
As per Sec 50B, Determination of value of stamp duty, registration fees shall not be regarded as assigning values to individual assets or liabilities.
It is a lump sum consideration without assigning any value to individual assets and liabilities transferred sec 2(42c)
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