Long Term Capital Gain and addition
This query is : Resolved
05 August 2022
I had purchased a plot of land during FY 1980-1981 for Rs.50,000/-. Upto 31.03.2010, I had incurred Rs. 8,30,000/- in addition (Earth filling, boundary wall construction etc.). During FY 2021-22, I have sold the said plot of land for 25.00 lac and earned a LTCG of 16,20,000/-. I have to pay Capital gain tax on the same. But sir, If Income tax department asks from me the supporting documents against addition of said Rs. 8,30,000/- I will not be able to provide the same. May I claim the said addition ?
05 August 2022
First of all get the circle rate of the plot as on 1.4.2001 from Sub registrar & index it to 2022. That will reduce your LTCG.
The expenditures which you cannot justify by any legal evidence, should not be claimed.
The expenditures which you cannot justify by any legal evidence, should not be claimed.
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