Whether expenses are allowed against misreporting income

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28 Points Posted on 07 November 2021
example
whether we can claim cost of acquisition
against sale proceed?
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On 07 November 2021 at 20:34 Report
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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.

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CA
10436 Points Posted on 07 November 2021

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

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On 07 November 2021 at 20:56
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28 Points Posted on 07 November 2021
Ok thankyu
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On 07 November 2021 at 21:25
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CA
10436 Points Posted on 07 November 2021
Welcome 😀
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On 07 November 2021 at 21:42
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Chartered Accountant
24588 Points Posted on 08 November 2021
Yes cost of acquisition can be deducted for computing capital gains
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On 08 November 2021 at 06:07

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