An Individual assesse sold Flat within 2.5 years from purchase, he got Short term gains of Rs.6,00,000/- (After reducing cost of Renovation done on Flat of Rs. 2,00,000/-). He paid Tax on Gross Total Income as per Tax Slab. The renovations done by him were from many small time contractors, he have not retained all the receipts, also many of them have not issued receipts to him. All payments were made in cash or by bearer cheques. Also different kinds of renovations were done step-by-step in the span of 2.5 years. What can be done, if the File is under Scrutiny?
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Short Term Capital Gains from sale of Property
Replies (3)
well..d bills need to be produced if under scrutiny...ask those contractors who did d work..for d bills...otherwise he cant claim cost of improvement...
As the case is under scrutiny ...Definitely the IT people will demand for the supporting documents.......even the cheque payments ....requires the supporting bills..........
produce those billls o receipts to claim cost of renovation
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