26 February 2016
if a person has sold a house property for Rs. 40 lacs in F.Y 2015-16, cost of purchase is Rs.150000/-(F.Y 2005-06). How a person reduce his tax liability on LTCG, Except by investing in property (u/s 154/154F) & cost of improvement is not capitalize in previous years..& there is no long term capital loss.
27 February 2016
can we show cost of improvement in year 2006 if it is not capitalize in past years and no balance sheet is filed under income tax? whether the A.O can demand from us supporting documents for the same, as it is much older than 8 years?
CAclubindia
