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Ramesh's father bought a house in 2007. Ramesh ...

Ramesh's father bought a house in 2007. Ramesh was a kid then. Now Ramesh is about to get married...

Ramesh's father bought a house in 2007. Ramesh was a kid then. Now Ramesh is about to get married. So they are repairing some rooms and constructing a floor on top. Can they add this expense to the cost of the house? If they sell the house after some years, then can they deduct this cost from the sale value???

0
Kanishka Apr. 24, 2018

"Yes, they can add this expense to the cost of the house. It is called ""cost of the improvement.""
Yes, they can deduct this cost from the sale value.
They may need some advice on
- paper support (expense bills, vouchers, etc.) to collect and preserve and on
- calculating the indexed cost to capital gain computation."

Ramesh's father bought a house in 2007. Ramesh was a kid then. Now Ramesh is about to get married. So they are repairing some rooms and constructing a floor on top. Can they add this expense to the cost of the house? If they sell the house after some years, then can they deduct this cost from the sale value???

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