{"id":44244,"date":"2024-07-15T10:52:33","date_gmt":"2024-07-15T05:22:33","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&p=44244"},"modified":"2024-07-15T10:52:33","modified_gmt":"2024-07-15T05:22:33","slug":"regarding-allowability-of-cost-of-improvement-expenditure-while-computing-tax-liability","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/regarding-allowability-of-cost-of-improvement-expenditure-while-computing-tax-liability\/","title":{"rendered":"Regarding Allowability of Cost of Improvement Expenditure while computing tax liability"},"content":{"rendered":"

Case Description<\/p>\n

Mr. X (Resident Individual, aged 42 Years) purchased Residential Flat for Rs. 11.50 lakhs on 11-05-2017, cost of improvement (Like Paint the house, Purchased TV, AC, Fridge, Sofa, Furniture etc.) done in the same FY 2017-18 amounting to Rs. 20.00 lakhs by Mr. Y (Brother of Mr. X, Living in Joint Family) and the above same Residential Flat held by Mr. X, sold for Rs. 45.00 lakhs on 13-07-2024.<\/p>\n

Questions<\/p>\n

    \n
  1. Can Mr. X Claim Cost of Improvement (which is done by brother Mr. Y) in his ITR ?<\/li>\n
  2. If Answer to 1 is yes, what if Mr. Y don’t have any documentary evidence regarding the expenses done on Cost of Improvement (Like Paint the house, AC, TV, Fridge, Sofa, Furniture etc.)?<\/li>\n<\/ol>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[],"qa_category":[23],"qa_tag":[76],"class_list":["post-44244","qa","type-qa","status-publish","hentry","qa_category-income-tax","qa_tag-business-expenditure"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/44244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=44244"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=44244"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=44244"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=44244"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=44244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}