Capital gain - cost of improvements - wooden furniture
This query is : Open
Dattatraya Shinde
(Querist)
26 February 2015
In 2005, If a person had done some wooden furniture work worth Rs 50,000(includes material and labour charges for bed and wardrobe)in his new home, got possession in the same year.
Can he use that furniture cost as deduction under indexed improvement cost at the time of selling the house in 2014? House sold as furnished home.
Can he use that furniture cost as deduction under indexed improvement cost at the time of selling the house in 2014? House sold as furnished home.
26 February 2015
if it was included in cost of acquistion then it will not be added in cost of improvement
Dattatraya Shinde
(Querist)
26 February 2015
It is an addtional cost spent by the person after taking the possesion
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