Long term property gain tax

Vinodananda (Querist) 18 November 2012 This query is : Resolved
Hi,
I have sold my 12 year old property for Rs 30 lac in the month of sep -12. I was invested approx. Rs 10 lac for the sold property in the year of 1999 – 2000 but i don't have any document for this investment. My question is how to show this in tax calculation.Please advice.

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Raj Kumar Makkad (Expert) 19 November 2012
If you have no documentary evidence in your hand, you cannot claim any rebate thereto in your income tax return.

Shailesh Kr. Shah (Expert) 19 November 2012
what is the mode of payment ?
is amount show in your balance sheet?

Vinodananda (Querist) 20 November 2012
Sir,
Payment of 30 lac received as 5 lac cheque balance 25 by DD

Shailesh Kr. Shah (Expert) 20 November 2012
my question is about your expenses, which was incurred by you.

Vinodananda (Querist) 20 November 2012
Dear Sir,
I have taken 2 lac housing loan in icici bank the sanction copy with me another 3 lac construction estimation given by an civil engineer copy is also with me and for the balance 5 lac I don't have any proof.But now I am planning this month to construct a new house that will cost around 35 lac.Please advice.

Raj Kumar Makkad (Expert) 25 November 2012
You cannot claim for 5 lakhs but rest of the amount is to be inserted.

R.V.RAO (Expert) 21 February 2014
yes.the civil engineer estimate can be made around the cost of the house built by you.
it is a fact you built house at a cost of Rs10 lac.only that u do not have any paper to substantiate the same.

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