Allowable expenditure for income tax purpose
This query is : Resolved
PRATIK SHARMA
(Querist)
29 February 2012
Any Commission paid to broker for purchase & sale of property can be a allowable expenditure for Income tax purpose if TDS has been deducted at the prescribed rate...
29 February 2012
Yes, the commission paid to the broker at the time of purchase shall be added to the cost of acuisition.
The commission paid at the time of sale shall be reduced from sale price as expenses on transfer.
The commission paid at the time of sale shall be reduced from sale price as expenses on transfer.
PRATIK SHARMA
(Querist)
29 February 2012
Thanks for your reply.But my question is that can the purchaser treat the commission paid as business expenditure, if TDS is also deducted on that amount??
KRISHNA KUMAR R C
(Expert)
29 February 2012
You can treat the same as business expenditure, if the property you have purchased is for carrying on the business and the same is allowable under Income Tax.
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