26 April 2024
As you had spent money on renovation of house, which is capital in nature, you can claim the deduction for such expenses as cost of improvement of the house while calculating income taxable under the head, 'capital gain'.
26 April 2024
Sir thanks for the quick reply, but you have misunderstood my question, that I have to house property out of which I sold one from which I am in receipt of long term capital gains, and I am residing in another one. If I spend the amount on my exixting house property, can I claim this amount from the capital gains under sec 54? this was my question sir please
CAclubindia
