Capital Gains- Cost of aquisition
Querist : Anonymous
Whether the legal expenses paid in relation to acquisition of title (which was in dispute
) spent at the time of selling of capital asset can be deductible from sale proceeds?
If yes, please mention any related case laws supporting the above opinion.
[Mode of computation.
48. The income chargeable under the head "Capital gains" shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :—
(i) expenditure incurred wholly and exclusively in connection with such transfer;
(ii) the cost of acquisition of the asset and the cost of any improvement thereto:
Querist : Anonymous
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