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Sale of Long term capital Assets

Dipesh Jha (PRACTICE ) (673 Points)

25 June 2019

My father has construcetd house and he sold of Rs. 15 lac...plz hlp me on calculation of cost to be deducted from sale of capital assets....

and how to save tax on sale of house....

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 26 June 2019

Period of holding?

Cost of acquisition as per bills collected and payment made by banking mode.

Exemption of LTCG can be availed u/s. 54 or 54EC or both.

Dipesh Jha (PRACTICE ) (673 Points)
Replied 26 June 2019

sir i want to know how to calculate cost of improvemnts....becoz my father was constructed and cost at that time not known to us

Suresh Thiyagarajan (Student) (3986 Points)
Replied 26 June 2019

1. I too face a similar problem with my client. Unless and until you have proper bills and vouchers in support for your claim for improvement or renovation it is hard to prove to the satisfaction of the department.
Please correct me if the above solution has an alternative view