In home sale , partial amount as home renovation amount
This query is : Resolved
Pawan Sharma
(Querist)
04 January 2023
Sir,
I am selling my home. Buyer is taking loan from bank. Bank is ready to give only 75% amount for home registry. Remaining 25% amount would be given as bank draft for home renovation. This would save stamp duty for the buyer.
I would not spend 25% amount on home renovation but would give capital gains tax on this.
Is it fine for Income Tax Return ?
I am selling my home. Buyer is taking loan from bank. Bank is ready to give only 75% amount for home registry. Remaining 25% amount would be given as bank draft for home renovation. This would save stamp duty for the buyer.
I would not spend 25% amount on home renovation but would give capital gains tax on this.
Is it fine for Income Tax Return ?
CA R SEETHARAMAN
(Expert)
05 January 2023
Yes, it's fine for income tax return.
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