23 December 2009
My client has sold some of its house property for which incurred cost of improvement of Rs 145000.00, The total area of House propert is say 3.5779 Acres and it has sold 1.6 acre in 2008-09, but incurred cost of improvement in the financial year 2009-10 when he sold .359 acres from the balance property. What is the way to avail the cost of improvement for the part of property sold in financila year 2008-09 i.e. 1.6 acres. Beacause my cllient promised all buyer to provide that facility at the time of sale in 2008-09. Please guide me on what stand i can get deduction of that proprtionate part of property sold before incurring of cost of improvement.
23 December 2009
File revised return for 2008-2009 with claim of cost of improvement. Attach some document which can prove that cost is incurred for that particular area which is sold in 2008-2009
CAclubindia
