Deduction

My father bought 1000 sq ft building in 4000 sq ft land property in 1980 
We constructed 1450 sq ft extra in 1990 
But we don't have any proof for that
Now we sold property which clearly mentioned 2450 sq ft building and 4000 sq ft land in the document.
Is that proof is enough to show cost of improvement for 1450 sq ft
Asked 4 months ago in Capital Gains Tax from Chennai, Tamil Nadu
Dear Sir,

This may show that improvement has been done but it will not show that how much was the cost of improvement.

Have you paid the money in cheque or cash. If you have paid it in cheque that could be one evidence.

Thanks and Regards
Abhishek Dugar
CA, CS, B.Com
Abhishek Dugar
CA, Mumbai
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1. If you have valuation report then that will be enough proof. If then also the Department is not satisfied then they will appoint the valuation officer
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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As per our view it will suffice
Shyam Sunder Modani
CA, Hyderabad
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Dear Sir,

I assume you might be filing the IT returns and you may have shown the Cost of Improvement in your Balance Sheet.

Trust this clarifies your query. 

Feel free to call back/ get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
719 Answers
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