Long term cap gains

This query is : Resolved

vijayakumar (Querist)
Follow

09 March 2020 Sirs,
I bought a land in 2005 for 11 lak.of 1 acr - Sold a month ago. I was told the present deemed value is ~23 lak The sale value was 63 lak.
I have paid 2 persons 5 lac brokerage- I paid thro bank rtgs & paid 5 % TDS each- deposited them also.
I had built a compound wall -spent around 9.4 lak & digged a bore well for 8 lac. But these are done over 3 years, , with local masons etc.
I dont a have a clear bill.
Can I claim this as an expense. Thanking you for the advice.
Ram

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

10 March 2020 Your sales consideration will be taken as Rs 63 Lacs.
Cost of Purchase - subject to indexation is 11 Lac+ Stamp duty and Registration expenses paid at the time of purchase.
You must remain in a position to produce supporting evidences and payment details -as regards the Cost of improvement. The cost of bore well yielding water ( not oil) is highly unjustified in my view.
To file proper return consult a CA.