12 August 2009
According to Sec 55(2) Cost of Acquisition is the price which the assessee has paid, or the amount which the assessee has incurred, for acquisition of the Assest. Expenses incurred for completing the title are a part of cost of Acquisition.
My Query is Whether, Brokerage Paid through Cheque, for acquiring the property can be considered as part of Cost of Acquisition or not?
Litigation expenses incurred by the assessee to acquire right over the property is considered as cost of acquisition. Whether Brokerage paid on the Acquisition of the Property is allowed or not?
12 August 2009
Brokerage paid through cheque can be considered as part of COA. You need to have brokers invoice raised on you as proof and reciept of your payment by broker.
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