Respected Experts,
One of our client sold her house for ₹ 1 crore in 2018. Purchased in 2012 for ₹ 50 lakhs. She spent ₹ 29 lakhs for improvement which was paid in cash. Cash amount withdrawn from mortgage loan taken for improvement.
are these expenses paid in cash admissible for calculating capital gain?
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Expenses paid in cash allowed in capital gain?
Replies (2)
if there are proper documents available to satisfy the officer regarding it's genuineness then it will be allowed else not
allowed but u should ignore the same because cash transactions attracts penalty in other sections of the income tax act
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