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Capital Gains

This query is : Resolved 
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(Querist)
24 January 2009 Sir,
Can you please explain me a doubt in capital gains.
Case: A person obtained a land as gift( before 1981), on which he constructed a building. On demand of the buyer X (who what to purchase only land)in the year 1999-00 he demolished the building and it remained empty from then on. In the year 2008-09 he sold the land to same X. Here can he claim the expenses of demolishing the building as cost ( or exp of transfer).
please mention the case if any.
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
24 January 2009 As per my opinion, he can capitalise these expenses to the cost as cost of improvement for getting the sale consideration.
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CA Sanjeev Kr Jain

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CA Sanjeev Kr Jain (Expert)
25 January 2009 only the cost of land as on 1.4.1981 or the actual cost is to be considered after indexation
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