C Gain Tax

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This query is : Resolved

Quick Summary

This discussion clarifies whether interior, furnishing, and electronics costs incurred in 2016 can be added to the original purchase price of a flat when calculating capital gains tax. While full contractor VAT bills are ideal, payments made via cheque can be partially considered as part of the property's cost base, with or without indexation benefits.

Rasheed Mohd Abdul

Rasheed Mohd Abdul

(Querist)

13 August 2024 Sir,
I have invested around Rs.16 lakhs towards interiors/furnishing/electronics and electricals in the year 2016 on my flat that I have purchased as raw flat.
Sale deed executed is Rs.42 lacs.
My query is:
1]Can I add inetriors value Rs. 16 lakhs as cost of the flat while computing capital gains tax with or without indexation benefit?

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

13 August 2024 Do you have contractors' vat paid bills along with bank payment statements?

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Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

26 August 2024 Good Luck.

Rasheed Mohd Abdul

Rasheed Mohd Abdul

(Querist)

03 September 2024 Sir,
Sorry for the delay. I am not having the required contractor's VAT paid bills but, some cheques are issued for part payments made but not for the full amount of the cost I incurred.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

03 September 2024 You may add the amount paid by cheque.

Rasheed Mohd Abdul

Rasheed Mohd Abdul

(Querist)

04 September 2024 Thank you very much sir. Regards

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

04 September 2024 You are welcome.