Indexation of cost of improvement
Querist : Anonymous
Please quote Section or case laws if possible..
Thanks in Advance.
Querist : Anonymous
In this case, the assessee had similar circumstances. What he did was to calculate the value of land and apportion it to the each floor/unit sold. the value of land was offered as long term capital gains (but natural that there was no cost of improvement involved here). the units constructed and sold were offered to tax as short term capital gains after reducing the cost of construction.
that should be the right treatment in your case too.
Case law :- CIT Vs. Dr. D.L. Ramachandra Rao [1999] 236 ITR 51 (Mad).
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