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
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
No,we sold piece of land for 3.5Lakhs in 1990 ... We have a sale agreement for that And I got a valuation done by the registered valuer of income tax dept
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
Now the property has been demolished ... I have only the report from the registered valuer ... Few pictures and the recent sale deed showing the clear measurement along with current market value after depreciation
As per our view it will suffice
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.
