Cost of furniture and fixtures
This query is : Resolved
06 July 2014
Dear Sir,
I have sold one house and in order to avoid capital gains tax , I want to construct another house within the time limit.My query is whether the cost of new interiors like Cup boards,Racks for storage in Kitchen,Bed rooms etc in the new residential house will be added to get the cost of new house for the purpose of claiming exemption under section 54.
Thanks
p.j.rao
I have sold one house and in order to avoid capital gains tax , I want to construct another house within the time limit.My query is whether the cost of new interiors like Cup boards,Racks for storage in Kitchen,Bed rooms etc in the new residential house will be added to get the cost of new house for the purpose of claiming exemption under section 54.
Thanks
p.j.rao
06 July 2014
Yes.The entire cost can be added for claiming exemption.
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