13 November 2013
my client sold one of her house in 2013 for Rs.2500000 .Land was purchased in 1991 for Rs.36000 and construction ended in the year 1994.Client does not have any bill and vouchers for payment of construction,according to her cost of construction was Rs.800000.Please suggest me how to calculate capital gain and how to show cost of construction without bill and vouchers.Exemption can be claim fir extension made in already constructed house.Please friend reply ASAP.
13 November 2013
From when your client has become your client or - simply say whether she has shown these details in her Return of Income earlier also. . Whether she can show the source of investment made for the construction ? . Get a valuation report showing the value of house in 1994 by an approved registered valuer. . Indexation can be claimed on the basis of yearwise indexations of costs incurred. .
CAclubindia
