Ltcg- house property
This query is : Open
DIXIT VERMA
(Querist)
21 November 2011
An assessee purchased House Property and spent money on construction of boundry walls, installation of main gate, repairs n renovation before shifting to that property. Does all these expenses amounts to Cost of Improvement? The assessee dont possess any records of such repairs like payment to workers and purchase of material i.e. bricks, cement etc. Can he still claim the benefit and on what grounds?
CA PARAS BAFNA
(Expert)
21 November 2011
The expenses can certainly be told as cost of improvement.
.
The evidences may be produced by assigning the work to contractors and getting bills from them for work done and material utilised by them.
.
The evidences may be produced by assigning the work to contractors and getting bills from them for work done and material utilised by them.
DIXIT VERMA
(Querist)
21 November 2011
But Sir, in small towns normally the work of improvement is not given on contract. All the material is puchased by the assessee himself n labour is hired to accomplish d work. What can be done in this case? Plz guide...
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