Applicable deductions from sale consideration of property

Tax queries 476 views 3 replies

Hey ,

I have a query.. I want a clear and precise answer to deductions which can be claimed from the Sale consideration of the property for tax purpose.

For example, the followings expenses are NECCESSARILY INCURRED for the sale of property, so can I take deduction of following?


- professional fees for consultants/lawyers/

accountants - including to prepare legal documents - to facilitate sale of the property
-Travel to India  - incl reasonable local travel - accomodation - eating out exp - ALL NECESSARILY incurred SPECIFICALLY for the transaction to finalise.
-Telephone cost - (proportionate) VISA cost etc etc  
 
Please give me clear & precise answer.. also as soon as possible.. thanks :)yes
Replies (3)

expense at the time of sale of property is eligible expense. & selling expense is debatable issue

as per your query, like telephone expenses, accomodation etc... in that case 1 may claim 'n' number of expenses & which is illogical & unethical.

Thanks Mr. Siddharth.

But a more precise answer is appreciated.. If you can come accross any article or anywhere in the Incometax rules then please provide the details.

Thanks for your efforts & time! yes

A supreme court judge will provide you a precise answer winklaughcheeky


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