PB (NA) (40 Points)
24 March 2022Hello -
Are Lawyer fees and Court fees deductible from Taxable Income? I spent about Rs.75000 as court fees and Rs.25000 as lawyer fees from my personal savings. This is property related expense - to get legal heirship from the court (as there was no will).
Please advice.
Thank you.
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 24 March 2022
JJJ
(Need help)
(675 Points)
Replied 24 March 2022
If it's for private / personal property, then you can include it in the cost of acquisition when / if you sell it and calculate your capital gains.
But generally there will be no immediate deduction for the current tax year.
PB
(NA)
(40 Points)
Replied 25 March 2022
This is my personal flat (home). Not business related.
CAclubindia
