INDIA Law and Practice Contributed by: Vivek Chandy, Archana Tewary, Kumarmanglam Vijay and Brijita Prakash, JSA
8.5 Tax Benefits Depreciation/other business expenses may be claimed as deductions only if the taxpayer is in the business of commercially letting out proper - ties, or where plant and machinery, inseparable from the property, are let out with the property.
Indian tax laws require transfer of shares to take place at a fair market value calculated in a pre - scribed manner. It is mandatory for parties entering into a pur - chase or sale of immovable property to obtain and quote their Permanent Account Number allotted by the Indian tax authorities on the con - veyance document.
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