one of our client hold 3 property which was received from his father as per WILL 5 years back, his father is no more . The property is bought before 1981. He let out all the 3 Property , among the 3 properties 1 proerty is let to Public Ltd Company ( Playing a Transport ) 5 Years back till now. The Let out Property to Public Ltd Company is Sold to them during the May -09 . For Consideration for 25 Lakhs . and the they( Client ) have given the some consideration for Vaccating the Property which was let out . Can the Vacceting Expenses paid by the Client to Public Ltd Company is Deducted from the Value of Consideration Received ? if Yes under which section Or pl say the Circular no of I.Tax? . 2) He has created HUF for the A.Y- 10-11 can the Property income & Capital Gain if any is taxable in HUF? or in individual Status . Pl Reply Advance Thanks .
T.S.Mohana harish , CA, Madurai
CAclubindia
