Section 54F of Income Tax Act

What documents do I need to submit before income tax authorities in order to prove that I have invested in construction of residential house property from the sale consideration received on sale of house property.
Replies (2)

Hello Sumit, 

Generally if you have invested the proceeds from Capital Gain in Construction of another House Property and you need to give proof of your investment to the income tax department you can give the following Docs.

1) Blue Print of your House property as sanctioned by the Local Authorities/Municipal Corporation

2) Valuation report from a Valuer regarding the Degree of Completion of Work on your House Property.

3) Consignment Receipts for receiving of sand, Cement, and Stones required for construction. 

4) Professional Receipt/ Invoiceof the Architects.

5) EMD/ Deposit amount paid to the Electricity Board etc.

All Expenses cannot be explained in detail to the Assessing Officer as it involves many cash payments exceeding Rs 20,000 or Rs 10,000

Thank You,

Sachin C

Thanx a lot sir

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