Capital gains calculation in sale of property
This query is : Resolved
19 December 2011
I bought a property (flat) in Dec'2007 for Rs. 10 Lacs.
I have sold it in Nov'2011 for Rs.20 Lacs.
I had spent approx Rs.1 Lac on flat modifications like tile, plumbing, fittings etc. But I do not have receipts for this expense. The payments were made to contractor in cash.
While calculating the capital gains, can I include this cash expense in purchase cost of property?
Or only expenses with proper proof only can be claimed as part of cost?
I have to invest the capital gain in 54EC bonds of REC.
I have sold it in Nov'2011 for Rs.20 Lacs.
I had spent approx Rs.1 Lac on flat modifications like tile, plumbing, fittings etc. But I do not have receipts for this expense. The payments were made to contractor in cash.
While calculating the capital gains, can I include this cash expense in purchase cost of property?
Or only expenses with proper proof only can be claimed as part of cost?
I have to invest the capital gain in 54EC bonds of REC.
19 December 2011
it is better if u have proof of exp incurred on property otherwise the claim may be denied in assessment proceedings
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
20 December 2011
receipts nahi hai tau receipts prepare karwa lo.
(Note: This is not an official or formal suggestion.)
(Note: This is not an official or formal suggestion.)
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