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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Sale of Long term capital Assets
Replies (4)
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.
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
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
go for year of acquisition of the Asset then for the valuation purpose go to the valuer and present value to the assessing officer
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