Capital gains
This query is : Resolved
07 September 2013
My Client had been allotted a site by corporation in 2003 but registered in 2010. he paid whole amount through bank loan in 2003 and cleared the bank loan through EMI in 2009. Now he has sold the property and has invested all the amount as advance for the purchase of flat,. he will get the possession after 2 year.i have below doubts while calculating capital gain and indexed cost of acquisition.
1)Indexed cost of acquisition should be calculated from the date of allotment or registration.
2)indexed cost of acquisition should calculated on bank loan or EMI
3)Does he has to get any document as proof from the builder to show as evidence to income tax officer.
1)Indexed cost of acquisition should be calculated from the date of allotment or registration.
2)indexed cost of acquisition should calculated on bank loan or EMI
3)Does he has to get any document as proof from the builder to show as evidence to income tax officer.
08 September 2013
1) from the date of registration.
2) on bank loan.
3) contract between the builder and your client is enough as proof if called upon by ITO on proper notice.
2) on bank loan.
3) contract between the builder and your client is enough as proof if called upon by ITO on proper notice.
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