Capital Gain can be adjusted against Repairs, Renovation
This query is : Resolved
02 June 2010
Dear Sir,
One of my client have sold a building and earned Capital Gain. He also has a self occupied property (ownership-Flat).He has carried out major Repairs & Renovations in the said Flat out of the Capital Gain earned
Can this Capital Gain can be adjusted against the repairs done. If yes then under which section??Plz Comment asap
Thanks
One of my client have sold a building and earned Capital Gain. He also has a self occupied property (ownership-Flat).He has carried out major Repairs & Renovations in the said Flat out of the Capital Gain earned
Can this Capital Gain can be adjusted against the repairs done. If yes then under which section??Plz Comment asap
Thanks
02 June 2010
No
He can not.
A standard deduction is allowed u/s 24(b) for every repairs and renovation you can not set off it against any Capital gain.
He can not.
A standard deduction is allowed u/s 24(b) for every repairs and renovation you can not set off it against any Capital gain.
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