What include the cost of land and building

hetalsangoi (Querist) 22 September 2013 This query is : Resolved
We have give Rs. 500000 as a token for finalization of deal to purchase the Land and Building to the seller. We have paid the professional fees which are as follow for purchasing the land and building. 1. Lawyer’s fees for drafting of deeds get for conveyance and power of attorney – 100000 2. Professional fees paid for search title – 8000 3. Survey report for measuring the area of the property. – 17000 Can above expenses included in the cost of purchasing Land and Building is it Capitalized in Books? Is it allowable and Income Tax Act.

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