Sir,
can please tell me whether selling expenses on sale of capital asset is deducted from sale consideration? if yes please specify sec No.
thanks in advance
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selling expenses on sale of capital Asset
Replies (2)
Yes. Expenses in relation to Transfer of capital asset can be reduced to arrive at Net Consideration.
(In case of transfer of shares, STT paid cannot be deducted)
I dont think there is any specific section for the above. Its a prudent treatment to ensure only the Net consideration is subjected to CG tax. For more insights, you may refer the file attached.
Section 48 is the relevant section which expressly provides deduction of expenses incurred wholly and exclusively for the transfer.
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