I want to know details on whether a residential property,
a) A newly bought piece of land out of Capital gain arised with the construction of flat/bunglow & construction to be over in 3 yrs max...Is the amount used towards interiors of this house deductible/exemptible? If yes, it is a part of the construction activity considered or If no, why is it not considered..a person cannot just go & live in btwn 4 walls..need flooring..fittings n other immovable things or even furniture?
b) A previously owned house bought out of capital gain for a consideration...say at 1 cr...since it requires repairs..repairs are done to the tune of 15-20 lacs, is this considered part of the purchase or not accepted as deductible fm capital gains?
CAclubindia
