Expenditure on transfer

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....vely in connection with or in relation to the transfer. Examples: Brokerage or commission paid for securing a purchaser, cost of stamp etc. NOTE: • The expenses that you deduct from the sale price of assets for calculating capital gains are not allowed as deduction under any other head of Income Tax, these can be claimed only once. Important Cases Law • Interest ....

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....ary to effect the transfer, including removal of an encumbrance, falls within clause. [ CIT Vs. Shakuntala Kantilal 1991 (3) TMI 123 - Bombay High Court ] • Expenditure incurred in litigating for enhanced compensation before the civil court in a compulsory acquisition case is expenditure wholly and exclusively in connection with the transfer of the capital asset for the purpose o....

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....tant Commissioner of Income-tax, Circle - 9 (1), Bombay. Versus Leela P. Nanda. 2005 (10) TMI 213 - ITAT Bombay-E ] • Payment to co-operative society to get NOC - the assessee pay as transfer charges; letters from the society demanded payment of that sum for issuance/retention of the NOC. [ Damodar G. Nagalia Versus Assistant Commissioner of Income-tax, 24(1), Mumbai 20....