CA Ashish Joshi (CA) (265 Points)
04 January 2011Hi all,
Can anyone tell me whether Professional fees paid for purchase of House property is allowed to claimed as deduction ???
I know that stamp duty paid is allowed but don't know about Professional fees paid for such transfer of House.
Thaks for your reply
Ashish Joshi
Priyanka
(Chartered accountant)
(367 Points)
Replied 05 January 2011
what do u mean exactly by term professional fees? If it is a fee paid to CA or legal advisor , then it is not allowed as a deduction.
if u mean amount paid to estate agent as commission or brokerage, then its allowed.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 05 January 2011
if the professional fees is paid to legal representative for drafting, deeds, search and presentation of documents to registrar, then it would become part of registration expenses and get capitalised with value, hence the claim can be made,
CA Ashish Joshi
(CA)
(265 Points)
Replied 06 January 2011
Thanks a lot to all for your valuable replies...
Looking forward for further future queries
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