Sale of house property

Land and House property cost clubbed together, will be taken as costs of costs and further cost incurred be will be taken as costs of improvement. 

Deed, supportiing costs invoice will be required to satisfy AO. 

It depends on the sale deed and other details.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement. You can even book phone consultation for further personal assistance.

Thank you.

To calculate cost of residential house have to first calculate  land  cost , FMV as on 01.0402991 or actual cost whichever is high  then get it index cost for FY 20-21  then calculate  building index cost for  FY 20-21  but have to explain all the construction exp with valid proof. CII will applicable

Dear Sir,

Reply to your questions are:

1. No. you can calculate the Capital Gain for complete property together. You have to take Land Purchase Cost as Cost of Acquisition and Construction Cost as Cost of Improvement/ Construction.

Here is the Calculation of Capital Gain

Sale Consideration= 60,00,000

COA                      =  1,68,560

(56,000/100)*301

COI                       =  32,96,666

(11,50,000/105)*301

Capital Gain        = 25,34,774

2. You have to prove the source of income out of which you have spent the amount on construction.
You can show ITR's (Income Tax Returns) of the years pervious to year 2002 to substantiate the source of your income.

Thanks and Regards 

Divya Chugh

You can get the property valued in the year of completion of construction and then calculate capital gain. 

If the property is valued then bills will not be required.

Hi

1. No .

Calculation of long term capital gains is sales consideration less cost of transfer less indexed cost of acquisition less indexed cost of improvement. It will be form part of cost of improvement.

2. You can get valuation from registered valuer