Stamp duty
This query is : Resolved
Arunashree
(Querist)
06 February 2010
Sir,
Suppose a person sells a property(As per agreement between purchaser & seller, seller agreed to bear the stamp/registration charges)for Rs.3 crores inclusive of Rs. 30 lacs as stamp charges.
Tell me what will be the Sale consideration in above case & whether Stamp charges born by the seller can be treated as an allowable expenditure as per Income Tax act.
with regards,
wani
Suppose a person sells a property(As per agreement between purchaser & seller, seller agreed to bear the stamp/registration charges)for Rs.3 crores inclusive of Rs. 30 lacs as stamp charges.
Tell me what will be the Sale consideration in above case & whether Stamp charges born by the seller can be treated as an allowable expenditure as per Income Tax act.
with regards,
wani
Bimal Thacker
(Expert)
06 February 2010
1)Sale consideration will be Rs. 3 crore as per agreement
2) Rs. 30 lacs stamp charges is allowable expenses i.e. expenditure incurred wholly and exclusively in connection with transfer of capital asset is deductible from full value of consideration. even if you have paid brokerage or commission for securing purchaser it will also allowable expenses
2) Rs. 30 lacs stamp charges is allowable expenses i.e. expenditure incurred wholly and exclusively in connection with transfer of capital asset is deductible from full value of consideration. even if you have paid brokerage or commission for securing purchaser it will also allowable expenses
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