Capital gain on sale of land AND BULIDNG

Save Share

This query is : Resolved

Quick Summary

This discussion concerns the capital gains tax implications when selling land and a building. The seller purchased the land in 1987 and incurred significant expenses on building construction over several years. The key question is whether these improvement costs can be claimed against capital gains. It's suggested that the cost of improvement can be considered based on the Fair Market Value as of April 1st, 2001.

omnath

omnath (Querist)
Follow

07 August 2024 SIR
MR A SOLD THE LAND AS ON 25/8/2023 COST RS. 7,20,000/- HE PURCHAES THIS LAND AS ON 5.5.1987 COST OF RS. 1000 AND REG FEES RS.110/- HE EXPENSES ON IMPROVMENT ON BULIMNDING CONSTRACTON OF RS. 4,50,000 FOR VARIUS YEAR FROM PURHCAES DATE 1992, 1999, 2010, 2018. HE CLAIM OF THIS EXPENSES ON WORKING CAPTIAL GAIN FILING OF INCOME TAX RETURN?
THANK