cost of acquisition for non-depreciable assets., Income Tax

[MONIK DEDHIA]

Dear Experts,

I have 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 = 2,85,000 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. 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.

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.

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in this issue? If not please inform.