Capital gains calculation in sale of property

This query is : Resolved

Tushar (Querist)
Follow

19 December 2011 I bought a property (flat) in Dec'2007 for Rs. 10 Lacs.
I have sold it in Nov'2011 for Rs.20 Lacs.

I had spent approx Rs.1 Lac on flat modifications like tile, plumbing, fittings etc. But I do not have receipts for this expense. The payments were made to contractor in cash.

While calculating the capital gains, can I include this cash expense in purchase cost of property?
Or only expenses with proper proof only can be claimed as part of cost?

I have to invest the capital gain in 54EC bonds of REC.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
Follow

19 December 2011 it is better if u have proof of exp incurred on property otherwise the claim may be denied in assessment proceedings

CA MANOJ GUPTA
JODHPUR
09828510543

anurag

anurag (Expert)
Follow

20 December 2011 receipts nahi hai tau receipts prepare karwa lo.
(Note: This is not an official or formal suggestion.)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vinod Selv

AKCJ INFO

JAYDEEP MITRA

Richa Bajoria

Arun Borad

Subscribe Now

Capital gains calculation in sale of property

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA