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Service tax

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(Querist)
25 October 2013 I want to know whether service tax paid on purchase of residence house is allowed as deduction u/s 54F??
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Suresh Ramaswamy

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Suresh Ramaswamy (Expert)
26 October 2013 For the purposes of computation of Short/Long Term Capital Gains, the cost of acquisition of any asset includes all expenses incurred in connection with the acquisition of the asset. In case of immovable property the stamp duty and other duties paid upto registration, forms part of the cost. Therefore Service Tax paid on purchase of Residential House is a part of the cost of acquisition and will be allowed as a deduction u/s 54F.
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