capital gain
This query is : Resolved
08 July 2011
my query is, whether cost of improvement includes wastage ???
actually i want to know one of my friend was having 237 Malas land of which he sold 191 Marlas after making buildings and balance 46 Marlas was utilized to make roads on it.now while calculating captial gain CII should be used for 237 Marlas or 191 Marlas ????
please mail reply at vikasjairath@yahoo.com
thanks
actually i want to know one of my friend was having 237 Malas land of which he sold 191 Marlas after making buildings and balance 46 Marlas was utilized to make roads on it.now while calculating captial gain CII should be used for 237 Marlas or 191 Marlas ????
please mail reply at vikasjairath@yahoo.com
thanks
08 July 2011
as remaining 46 marlas are part of developed property and its not to utilized by developer other than the property holders, so whole of 237 should be taken in account for cap gain purpose.
08 July 2011
sir, my friend did the same and when the case was selected for scrutiny the A.O. allowed for only actual sale of 191Marlas so what to do with that.???
can u provide some case laws where it has been held that cost of improvement includes wastage etc.
can u provide some case laws where it has been held that cost of improvement includes wastage etc.
08 July 2011
In fact while selling the land and construction you should have mentioned 237 Malas land of instead of 191 Marlas.
Anyhow since the assessment has been completed, you have to file an appeal and in the appeal you can take the ground of 237. Before that make an agreement for 237 Malas which is to be submitted before CIT(A).
Anyhow since the assessment has been completed, you have to file an appeal and in the appeal you can take the ground of 237. Before that make an agreement for 237 Malas which is to be submitted before CIT(A).
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