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what is the treatment if I built another floor in my house where cost is e.g. 60lakh?

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in General & Community Guidelines by (130 points)
I spent Rs.60Lakh and built 2nd floor of my house (usual 3br and kitchen etc.). How to treat it in tax return to increase the value of the house?

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by (25.1k points)

You should treat the Rs. 60 lakh construction cost as a capital expenditure on your house.
It increases the cost of the property (not an expense) and will be added to its purchase price/base value.
Keep proper invoices, receipts, or contractor agreements as proof for FBR.
This enhanced cost will help reduce capital gains tax when you sell the property in future.

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