I have sold my house and Long term capital gain is used for purchase of new Flat. My question is for availing the exumption under section 54, cost of aquisation is limited to the value of flat as stated in the agreement with the builder OR I can add the amount over and above this, the cost of additional amount to be spent for completing the house (like modular kitchen, meshed doors and other wood work)
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Rebate under section 54
Replies (5)
Total value of the flat as cerified by the Chartered Engineer's Certificate
Total cost invested to make the house use able.
all capital expenditures will be included. in your case, all expenses given by you above will be added to cost of acquisition.
ankit jain is right
All expenditure incidental to acquiring a property must be added to its original cost.
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