On sale of land, the assessee can avail expenditure incurred in connection with sale. Can an expert clarify if lawyer charges incurred, Property tax paid for all the years from the time of purchase of land till sale of land, travelling expenses incurred be taken as a deduction? Would supporting documents be required to prove these claims(like invoice, receipt etc.) or a reasonable deduction be taken? There has also been a cost incurred on improvement( constructing a compound wall). Do we need any evidence(receipt/invoice) for this? Since this improvement was done long ago, we do not have the receipt or invoice for the same.
Thank you.
CAclubindia
