Filing of itr after sale of property

Bevin M (Querist) 21 August 2015 This query is : Resolved
We sold our ancestral property wherein i rec my share as 25 Lacs and have to pay LTCG. An amount of 25000 was paid as IT under Sec 194 IA. Can I claim this as Expenditure incurred on Transfer of Sale in My ITR-2 return under Sec 48? Also as I paid 25500 as Brokerage can I claim this as Expenditure under Sec 48. Bevin

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Guest (Expert) 21 August 2015
For A Professional Advise From Practising Chartered Accountants Contact The CA Club of this Same Forum Details Are Just Below In this Thread

Anirudh (Expert) 21 August 2015
Dear Mr. Bevin,
1. If you paid Rs. 25,500/- as brokerage under proper receipt, yes, you can show this as expenditure while computing the capital gain under Sec. 48 of the I.T. Act.

2. As far as the TDS of Rs. 25,000/- deducted by the Buyer, the same is to be adjusted against the Tax payable by you. You cannot show that as an expenditure.

Guest (Expert) 21 August 2015
Chartered Accountants Of Our CA Club would Practically Guide You In the Right Path Than Here and Not to Take Risk by Experiments of Anonymous.

Rajendra K Goyal (Expert) 21 August 2015
You can show brokerage / take benefit as expenses in your return.

TDS if deducted extra would be adjusted in your tax / would be refunded if no liability exist.

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