Whether expenses are allowed against misreporting income

example
whether we can claim cost of acquisition
against sale proceed?
Replies (4)
Quick Summary
This discussion clarifies whether expenses can be claimed against misreported income, specifically focusing on the sale of capital assets. It confirms that the cost of acquisition can be deducted from the sale proceeds when calculating capital gains tax. This adjustment is a standard practice for accurately determining taxable profit.

Yes whenever you sale any capital asset, sale proceeds are adjusted from its cost of acquisition.

Ok thankyu
Welcome 😀
Yes cost of acquisition can be deducted for computing capital gains

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