Nikhil Krishna (Others) (38 Points)
25 August 2015Hi Sirs,
While calculating net LTCG for real estate property where several improvements are invested over years, but dont have any proof to show such improvemetns were made, will it be acceptable by IT authorities. What letter of authorization should be provided to prove that the 'improvements made - without proof of investments' is accepted by IT Authorities.
Warm Regards.
CA Santosh Kumar Eligeti
(Partner)
(151 Points)
Replied 25 August 2015
For real estate property we will calculate Business profit not LTCG, properties are stocks not Assets.
You should have such proofs in hand to prove expenses made. No such letter of authorization will be accepted by IT Dept.
CAclubindia
