Capital gain for house

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2017 Sir,

An individual has a house purchased by him in 1990, from his own income .

He has made some changes and additions and renovations, in this house, for 3 or 4 times, during 1990 to 2017.

But, he has no any invoices of purchase of this house. He does not have any invoice of any renovation work, to prove the expenditure of renovations actually made.
No any other records or documents are available to decide the cost of purchase and cost of additions and renovations.

Now, if this house is to be sold, then …
How to decide the indexed cost of acquisition of this house, to arrive at the capital gain?
How to calculate the capital gain ?

Can I take any amount I want , which is beneficial to me, as Purchase price and as sale price, to arrive at lower capital gain ?

Please, guide and give the solution in this.
Thanks.

Studentsca

Studentsca (Expert)
Follow

20 June 2017 If no document are available to prove purchase price calculate as per stamp duty valuations.(advisable) Sale value will be stamp duty value or agreement value whichever is higher.

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2017 And what about renovation expenses made?

How to decide exact renovation expenses? Because no any invoice of these expenses are available.
So, can he take any amount as renovation expenses ?

In absence of any valid invoice of renovations,
will he not be eligible to claim those expenses for calculation of capital gain ?

Studentsca

Studentsca (Expert)
Follow

23 June 2017 You will need proper documentation for claiming that expenditure.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

13 October 2021 Get valuation certificate from registered valuer as on 01.04.2001, with the renovation expenses.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Pavithra Doss

venkatesh c

Richa Bajoria

sriram deven

atul kumar soni

Subscribe Now

Capital gain for house

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA