Capital Gain
This query is : Resolved
21 July 2011
One of my friend has sold his property received which was transferred to him as an ancestral property, I would like to know whether this attracts capital gain tax or not. if yes, I would also like to know the repairing cost or any renovation cost incurred on the said property can be claimed as deduction while computing the tax based on indexation
Regards
Girish Mani
Regards
Girish Mani
21 July 2011
Any capital asset transfered during the previous year wil be taxable as capital gain.
Any cost of improvement after 1.4.81 will be considered for deduction
Any cost of improvement after 1.4.81 will be considered for deduction
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