Can a person claim cost of improvemnt done on the property yet to be purchased.
Harshad Tekwani (Student) (40 Points)
15 December 2012Can a person claim cost of improvemnt done on the property yet to be purchased.
Ravi Kumar Mahaur
(CA-FINAL)
(202 Points)
Replied 17 December 2012
For claiming cost of improvement there should be an asset which was aquired or recd through will,inheritance etc. by the assessee. Once you will get the ownership (in case of land or buliding or both the possession) than the amount paid to acquire such an asset can be claimed cost of acquision of such asset. There is no question of Cost of imrovement because you didn't have the ownership.
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