My Clint purchased a property in 2003 Rs 2365000/- and constructed this property in 2006 he made first floor on this property and invest 30 lakhs on construction we my clint have not any proof of construction because at that time cash transaction was done and he sold this property in 2009 at the cost of 77 lac and he had invested the whole sale consideration to purchase company now the query is:- How can we prove the cost of construction while we have map on sale deed. Can we get any exemption to invest the total sale consideration invested in Company.
14 November 2017
01. No exemption for investment in buying a Company 02. You can ask Govt Approved Valuer to value the property, floor wise 03. try to catch hold of the people who constructed first floor and try to get certificate cum affidavit from them 04. make your own affidavit stating the facts as given by you in the query