Please Help: Long term capital gain
Posted Date : 20-Dec-2023 , 07:01:51 pm | Posted By Rahul
Hi,
I sold some shares, resulting in long term capital gains. I want to use most of the sale proceeds in buying a new home for tax exemption. This will be my first property.
Which of the following from the below list are eligible to be claimed for tax deductions, assuming I will have GST bill for below services:
1. Interior decoration on walls - is there any limit to this? because this can range from 1 lakhs to 50 lakh as well
2. Furniture like sofa, tables, cabinets
3. Paint on walls
4. Improving security - additional steel gates in balcony (over existing glass door) and main house entrance door (over existing wooden door)
5. Decoration like Swing chair for balcony
6. Solar panel on roof for electricity generation
I sold some shares, resulting in long term capital gains. I want to use most of the sale proceeds in buying a new home for tax exemption. This will be my first property.
Which of the following from the below list are eligible to be claimed for tax deductions, assuming I will have GST bill for below services:
1. Interior decoration on walls - is there any limit to this? because this can range from 1 lakhs to 50 lakh as well
2. Furniture like sofa, tables, cabinets
3. Paint on walls
4. Improving security - additional steel gates in balcony (over existing glass door) and main house entrance door (over existing wooden door)
5. Decoration like Swing chair for balcony
6. Solar panel on roof for electricity generation
Category : Income Tax | Answers : 0 | Comments : 1 | Hits : 2234
Answers:
Comments
Naveen N
04-Jan-2024 , 12:10:11 pmTo be on safer side, do not include the value of furnitures and fixtures in the cost of the new house. However, you can include cost of the interiors, painting cost, cost of the steel gates and doors in the cost of the new house (without any limit).