Capital gain
Querist : Anonymous
My question is, 1) What steps needs to be taken for claiming Indexed cost of acquisition becoz there is no proof for cost of building 2)To claim exemption u/s 54 can everyone purchase or construct different house prop i.e. 6 different properties? or also can two persons acquire combined property?
For 1st Query
In case you don't have any documentation regarding Improvement in building it is advisable for you that please take certificate from valuation person registered under Income Tax Authorities for this purpose.
For 2nd Query
As per section 47 properties received under gift or will not be regarded as transfer as well as per section 2(42A) read with section 49 and section 55 cost of acquisition, including improvement, and period of holding of previous owners will be included while calculating capital gain
Hoping that above advise will help you
Querist : Anonymous
But for claiming exemption u/s 54 what we need to do?
Querist : Anonymous
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