Capital Gain
This query is : Resolved
07 January 2010
I purchased a house in March 2005 for Rs. 475000. (Rs. 70000 extra towards stamp paper for registration) I invested Rs. 250000 for its repairs in 2007-08. I sold it for Rs. 1500000 in Jan. 2010.
How much capital gain I have to pay. Am I required to show some document to prove cost of repair. I have taken no loan for repair. Can I save if I purchase some capital gain bonds.
How much capital gain I have to pay. Am I required to show some document to prove cost of repair. I have taken no loan for repair. Can I save if I purchase some capital gain bonds.
07 January 2010
Loan amount doesn't constitute cost of improvement unless it results some value addition.
So, only capital repairs shall be deductible . Yes you have to prove such exp and its source
So, only capital repairs shall be deductible . Yes you have to prove such exp and its source
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