Answers On Topic: Cost of improvements
Respected Sir, Recently we have sold a land by dividing into small plots which is part of capital asset in partnership firm.We filed the Income Tax Returns by showing this transaction as the long term capital gain and in this long term capital gain we show the cost of improvement as the amount to equal to 30 cents of land value as the road formation expenditure for road formation. Is this type of cost of improvement is allowable under cost of improvement or not. Please clarify
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