Capital Gains

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sundeep (Querist)
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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.

CA.Tarun Maheshwari

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

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
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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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