Scope of Deductible Expenditure in Capital Gains Computation

The Bangalore Bench of the Income Tax Appellate Tribunal examined whether travel expenditure incurred by a non-resident assessee for visiting India in connection with the sale of immovable property, one-time maintenance and utility deposits paid at the time of acquisition, and housing loan interest not previously claimed under Section 24(b), could be considered while computing long-term capital gains under Section 48 of the Income-tax Act, 1961. 

The Tribunal partly allowed the appeal, restored the issue of travel expenditure for fresh examination, and granted relief on maintenance deposits, utility deposits and interest cost.