construction destroyed by local goons

POSTED BY PK ON April 16, 2012 1:19 pm ONE COMMENT

The goons destroyed the construction/building, hence if the seller sells just the land (because the construction was completely destroyed), then can cost of construction still be considered/subtracted from capital gain (for income tax purposes)?
Also, if a property is disrupted by local goons and the seller has to sell it at below circle rate, then is there a way to avoid paying the tax on the circle rate amount that is much higher?

One reply on this article “construction destroyed by local goons”

  1. ashal jauhari says:
    April 16, 2012 at 3:53 pm

    Dear PK, can you proved that once upon a time there was a constructed structure on the piece of land? If yes, you may consider the cost of construction also for your capital gains purpose.

    You mean to say notional capital gains arising out of the circle rate sell price? Please confirm.
    Thanks

    Ashal

    Reply

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