Capital gain

14 November 2017
Dear Sir,

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.

Kindly answer me of this query.

Thanks In advance

Amol S Joglekar (Expert)

Click to Talk 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,CS,CA F Tushar Sampat (Expert)
14 November 2017
Only approved mode of Investment is allowed for capital gain exemption under various provisions under sec 54 onwards for capital gain.

Investment in company will give you no chance of any exemption for capital gain exemption under current income tax laws in India.

Krishan Kumar Goyal (Querist)
15 December 2017
Dear To All
Please tell me what is the average construction cost per SQFT in Financial year 2004-2005 in kavi nagar ghaziabad.

Amol S Joglekar (Expert)

Click to Talk 15 December 2017
you need to contact some Govt Approved Valuer for the same.

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