Cost of Improvement whether includes.....???
This query is : Resolved
18 October 2009
Plz provide Professional opinion whether we can take into account - cost of repairs, painting, flooring, elctrical fitting, purchase of TV, Fan, some furniture into cost of improvement if we are selling the house along with every article in it!!
thx
CA Manoj Agarwal
9968519219
Plz provide Professional opinion whether we can take into account - cost of repairs, painting, flooring, elctrical fitting, purchase of TV, Fan, some furniture into cost of improvement if we are selling the house along with every article in it!!
thx
CA Manoj Agarwal
9968519219
19 October 2009
No you cannot consider as cost of improvement.
However you can bifurcate the sale proceeds into two stating house and other amenities.
For amenities the loss or gain will be treated as short term capital loss or gain.
The balance after dedcuting the amount for amenities will be treated as sale value of house but agreement should specify the same.
However you can bifurcate the sale proceeds into two stating house and other amenities.
For amenities the loss or gain will be treated as short term capital loss or gain.
The balance after dedcuting the amount for amenities will be treated as sale value of house but agreement should specify the same.
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