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Question ID : 44690

Cost of improvement to include furniture

Whether cost of improvement u/s.55 includes furniture cost for the purpose of computation of capital gain

Posted by CA ATUL TOSHNIWAL on Jul 13, 2024

Filed Under DIRECT TAXES

Answer ID : 85508

No, the cost of improvement under Section 55 of the Income Tax Act does not include the cost of furniture for the purpose of computing capital gains. The term "cost of improvement" refers to any capital expenditure incurred to make additions or alterations to the asset that enhance its value.

Posted by CA. SURAJ KUMAR CHOUDHARY on Oct 15, 2024