Renovation Expense on Residential Property

[Guest]

Dear Professionals,

Can the renovation expense be claimed as cost of improvement in case of residential property ? Please suggest some case study .

Regards,

Prashant

[Ganeshan Kalyani]

In my view Yes.

AI Summary

Cost of improvement: renovation expenses on residential property can be treated as capital improvement for tax purposes. Renovation expenses on residential property can be claimed as cost of improvement. The single expert reply records an affirmative view that such renovation expense may be treated as capitalisable improvement for tax purposes.