Calculation of cost of flat

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Shailendra Kumar (Querist)
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22 August 2024 Sir,
While calculating of cost of flat for fixing the %age of ownership among the parties, can we add : interest on loan taken for payment to builders
Bribe given for approval of loan
Bribe given for getting the flat register
as adding these expenses, the %age of one partner increases and others reduces. Previously there was no agreement between parties on %age issues.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 August 2024 Bribes have no place in account or under any legal code.
You are found guilty if any bribe is given by you. No question of adding interest on loan to cost of acquisition of any property.

Shailendra Kumar

Shailendra Kumar (Querist)
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27 September 2024 Sir,
We have a Property in which one person took loan for some payments, like
Commission paid for taking loan
Paid to lawyer while getting registration
Some amount to peon, like that
Interest on loan
Balance amount payable to bank at the time of sale
He his adding all these amounts in cost of flat and saying these amounts are his investments and he has the right to take appreciation on these amounts.
My version is, these are expenses and can be deducted from sale amount. How can he claim appreciation on that.
I will be thankful if you clarify about these expenses. Thanks

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 All the expenses having valid receipts and/ or made through banks are eligible for deductions, not otherwise.

Shailendra Kumar

Shailendra Kumar (Querist)
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27 September 2024 Sir, there are no receipts. Can these expenses are allowed to add in the cost of acquisition of property? Or he is allowed to deduct from sale amount. On which I agree including interest which is paid to bank and not to builders.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 Interest to bank is not allowed unless there be any business activity. Any other payments without valid proofs are not allowed.

Shailendra Kumar

Shailendra Kumar (Querist)
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27 September 2024 Many Many thanks to you sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 September 2024 You are welcome.

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