Can a person claim cost of improvemnt done on the property yet to be purchased.
1 Replies
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.
Recent Topics
- FORM 10 IEA IN Revised return
- ITC Eligibility on GTA
- Top Highest Tax-Paying Celebrities: FY 2023-24
- Misplace society Bye law
- Submit ommited invoice of previous year
- Need your valueble insight
- GSTR-9 Invoices
- Agricultural Business Loss
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
Related Threads
CAclubindia
