cost of acquisition for non-depreciable assets.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ost of acquisition for non-depreciable assets.<br> Query (Issue) Started By: - MONIK DEDHIA Dated:- 25-1-2012 Last Reply Date:- 11-2-2015 Income Tax<br>Got 1 Reply<br>Income Tax<br>Dear Experts, I ha....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ve purchased land as on 5/5/2007 (date of registration of agreement) worth Rs.45,00,000/- and the date of payment is 6/6/2007. Land was purchased on Borrowed Money (Interest on same was totally = 2,85....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....,000 appx.) and Brokerage and commission paid @ 15% on agmt value. Finally land was sold as on 15/5/2010 for Rs.85,00,000/-. My quarry is : 1. whether it is short term asset or long term asset (i.e.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... which date to be taken into consideration wheather date of agmt. or date of registratoin or date of payment.) 2. wheather interest paid on unsecured loan will form part of cost of acquisition or not....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... 3. Whether Brokerage paid at the time of purchase @ 15% is allowable or there is some limit on allowability of Brokerage and Commission. Regards, Monik Dedhia. Reply By MARIAPPAN GOVINDARAJAN: ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The Reply: Whether you have got clarified in this issue? If not please inform.<br> Discussion Forum - Knowledge Sharing ....