capital gains
This query is : Resolved
01 February 2008
hi friends ,
this is haranath,
my query is,
Mr. A inherits a house property from his father, who had mortgaged it. Mr. A discharges the mortgage debt. Mr.A later sells the property. Can he claim the amount paid to the mortgagee as cost of improvement in computing the Capital Gain?
If yes, please refer any case laws.
this is haranath,
my query is,
Mr. A inherits a house property from his father, who had mortgaged it. Mr. A discharges the mortgage debt. Mr.A later sells the property. Can he claim the amount paid to the mortgagee as cost of improvement in computing the Capital Gain?
If yes, please refer any case laws.
01 February 2008
please give the reply to my mail id
hariwithu@sify.com
hariwithu@sify.com
02 February 2008
Discharging of one's repayment obligation in respect of a mortgage loan on a property can not be treated as cost of improvement to that property.
02 February 2008
ANY AMOUNT PAID TOWARDS DISCHARGE OF MORTGAGE IN RESPECT OF OF INHERITED PROPERTY SHALL BE ALLOWED AS A DEDUCTION
CASE LAW- R M Arunachalam-227 ITR 222 SC
CASE LAW- R M Arunachalam-227 ITR 222 SC
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR selection for salaries and capital gain less than L
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- One Post a Week Done Right Beats Seven Done Wrong
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
