I purchased a commercial property in June 1993 for Rs. 240000. After purchasing it, i incured Rs. 200000/- on improvement(flooring, fixed structure, fixtures etc). I did not take bill of such purchase nor i recorded such improvement cost in my books.
I am planning to sell the above property. I want to know that can i claim Rs. 200000/- incured on cost of improvement even though i dont have any bills or not recorded such cost in my books of accounts.
If i take only cost of purchase my indexed cost comes to around rs. 11lacs and if i take cost of improvement as well my indexed cost comes to around rs. 17lacs.
CAclubindia
