14 January 2009
I want to calculate my capital gain having sold my house in Calcutta.What can be the substitute, if no document on the actual payments had been retained,for making the claims under "Cost of Improvement"? Will the Estimate that was submitted by a well known builder in 1986 for the costs, that were then incurred, be admissible as evidence?
15 January 2009
You may procure the valuation report from an approved valuer which may be submitted as and when required to substantiate your claim as to the cost of improvement carried out. However, the estimate given by a builder is not a reliable evidence which may convince the AO. No doubt, it may prove to be a secondary evidence in support of a primary evidence like a valuation report.
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