RAJ KUMAR (FINANCE MANAGER) (1393 Points)
31 December 2011HELLO FRIENDS, MY CLIENT HAS PURCHAED THE PROPERTY IN 2007 AND HE HAS BUILT CONSTRUCTION ON IT IN 2008. NOW HE SOLD HE PROPERTY IN 2011.
I WANT TO CALCULATE THE CAPITAL GAIN.
AS COST OF ACQUISITION IS REGISTERY VALUE
BUT HOW CAN I ASCERTAIN COST OF IMPROVEMENT.
HE HAS NOT MAINTAINED THE RECORD OF COST OF CONSTRUCTION.
NOW PLS. HELP ME HOW CAN COST OF IMPROVEMENT TO ASCERTAIN.
CAN I MAKE THE VALUATION FROM THE ARCHITECT.
IS IT ACCEPTABLE TO INCOME TAX DEPARTMENT.
PLS. HELP ME.
VIJAYKUMAR
(CHARTERED ACCOUNTANT)
(203 Points)
Replied 31 December 2011
You can obtain valuation report from chartered Engineer.
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 31 December 2011
I think
Actual cost of improvement should be considered.
If you have no data about cost then you may assume the value to the extent it is correct
or you may value that from Registered Valuer
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 02 January 2012
IS VALUATION REPORT IS ACCEPTABLE BY THE DEPARTMENT IN THIS CASE.
CAclubindia
