Mr. A has a house which he wants to sell.. Mrs. A also has a house.. Now, to claim exemption, Mr. A wants to build an additional storey on Mrs. A's house..
Whether exemption is available?
Sowmya P K (Chartered Accountant) (251 Points)
16 August 2011Mr. A has a house which he wants to sell.. Mrs. A also has a house.. Now, to claim exemption, Mr. A wants to build an additional storey on Mrs. A's house..
Whether exemption is available?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 16 August 2011
before construction, Mr A has to make an agreement with Mrs B and pay all such construction cost from his Capital gain to avail the exemption ..............( the process will get initiated from sanction of permission of additional story on the building to finishing stage)
a registered agreement is preferred for tax purpose.
CAclubindia
