Capital gain tax

This query is : Resolved 
Quick Summary
If you've sold a property within a year of purchase and incurred construction costs, you can likely claim these expenses when calculating your capital gains tax. While you don't need to attach receipts to your tax return, it's essential to keep all bills and payment records. These documents will be required if HMRC asks for proof of your expenses.

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(Querist)
22 July 2020 Sir I purchased a property and constructed some floor and sold within 1 year. I have never mentioned cost of construction in my sale agreement. So my property is in capital gain tax so can I claim cost of construction as expenses in capital gain coloumn. Is their any documents required to show the expenses in it return
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Eswar Reddy S

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Eswar Reddy S (Expert)
22 July 2020 Yes . Construction cost can claimed .. Documents can be bills or payments made in regular intervals
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Eswar Reddy S

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Eswar Reddy S (Expert)
22 July 2020 You may claim it as cost of improvement
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 December 2021 No documents are required to be attached with ITR filing, but to be produced whenever called for.
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