1.it assessess new house construction value rs:1 crore f.y.23-24.
question:
assessess house construction value certification by engineer (income tax valuer) compulsory or not in it act
2.construction expenses rs:10 lacs pay to cash mode (rs:10,000/- limit per day above).
question:
assessess cash mode limit above payment house construction added and how show procedure in it act
Yes, it is compulsory to assess the value of a new house construction of Rs. 1 crore for FY 23-24. This assessment must be done by an engineer (income tax valuer).
Payment of construction expenses in cash mode above the limit of Rs. 10,000/- per day is not allowed under the Income Tax Act. If you have made such payments, you will need to show the procedure in your Income Tax Return.
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