ProgTick (N/A) (100 Points)
30 September 2011Long term capital gain - how would one prove cost of improvement without bills? I read somewhere that in such case, one should have income tax approved valuer estimate the cost and such. The changes were made in 1981-1982. Will a valuer be able to give an estimate for that time? Where to find such valuer?
C.A SHASHANK GOYAL
(Chartered Accountant)
(362 Points)
Replied 01 October 2011
Hi , I think you must have taken loan if for some purpose for the cost of improvement . That loan documents will suffice.
ProgTick
(N/A)
(100 Points)
Replied 02 October 2011
| Originally posted by : SHASHANK GOYAL | ||
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Hi , I think you must have taken loan if for some purpose for the cost of improvement . That loan documents will suffice. |
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no, I dont think the person took any loans. Any other means to prove the same? I'm sure neighbors know, but will ITO listen to the neighbors?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 03 October 2011
| Originally posted by : ProgTick | ||
|
Long term capital gain - how would one prove cost of improvement without bills? I read somewhere that in such case, one should have income tax approved valuer estimate the cost and such. The changes were made in 1981-1982. Will a valuer be able to give an estimate for that time? Where to find such valuer? |
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when improvement took place , it must have been recorded in the balance sheet of the assessee by adding the capital asset value.
local municipal bodies have made assessment on the enhence improved portion of the property, so you can get the value addition as per the valuation prevailing at that time.
any of both above would be enough to prove the facts
CAclubindia
