One assessee has purchase new residential property for section 54F benefit. Whether GST and Stamp Duty Paid on New Flat is allowed as deduction ?
Scenario (hypothetically speaking)..Claiming sec 54F as did not buy property when sold AV shares last time and paid taxes
- Presume sold shares totaling Rs. 100
- I bought new residential property for Rs. 97
- I paid stamp duty of Rs.8 to governement acquire residential property
- I paid brokerage to a broker of Rs.2 to acquire residential property
I need to understand whether I can claim stamp duty + brokerage as cost of acquisition.. so my total acquisition cost is 97 + 8 + 2 = 107
Which means I have fully invested the entire amount as shares were sold at 100.
Again need to understand from Sec54F point of view my property acquisition cost is 107 (including stamp duty & brokerage ) or Rs 97 ?
PS: In AIS/TIS property cost is shown as Rs.97 without stamp duty & brokerag
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