Dear All
As per paper report published at the time of budget 2024 revenue secretary Mr. Sanjay Malhotra has clarified that stamp duty etc, incurred at the time of purchase of property will not be considered for calculation of capital gain.
Is his view binding on Income tax Department and whether his view is correct as per law?
Please clarify.
Revenue Secretary Clarifies: Stamp Duty Expenses Excluded from Capital Gains Calculations. Is This Binding on Tax Department? A participant in a discussion forum inquired about a statement made by the revenue secretary regarding capital gains calculation. The statement clarified that expenses like stamp duty incurred during property purchase would not be included in capital gains calculations. The participant seeks clarification on whether this view is binding on the Income Tax Department and if it aligns with existing legal provisions. (AI Summary)
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