Is gst amount at the time of purchase
is including in the cost of acquisition?
to calculate capital gain?
please answer with section reference.
in the above case there are two scenario
1. claiming ITC (input tax credit)
if you claim itc on gst paid at the time of purchase then, YOU CANNOT INCLUDE GST PAID IN THE COST OF ACQUISITION OF THE ASSET
cost of acquisition = total cost excluding GST
2. not claiming ITC
in this case GST paid is not claimed as input tax credit and add to the cost of acquisition
cost of acquisition = total cost including GST
YOU CAN SELECT ANY OF THE ABOVE
refer section 43
# for further information please reply
CAclubindia
