Partner
246 Points
Joined April 2009
Yes, Section 48 reads as under:
'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:....'
As explained by others above, brokerage paid to different brokers is allowable, provided (i) clear nexus between brokerage & sale
transaction & (ii) proof of brokerage payment exists (preferably by mode other than cash)