we bought a land in 1991 ; 2001 year we built a house with single floor and 2005 year second floor , with our own earnings.
We are planning to sell this property ; any chance to claim the construction cost deducted from capital gains tax?
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Need help on capital gains tax
Replies (2)
CAPITAL GAINS TAX COMES AFTER CLAIMING
PURCHASE COST + IMPROVEMENT COST
Absolutely you can claim. also it is a long term capital gain, so choose between claiming under investment allowance or reducing capital gain
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