Capital gain for house
Querist : Anonymous
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.
Querist : Anonymous
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 ?
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