https://www.taxtmi.com/article/detailed?id=8469 Construction costs incurred after acquiring land are treated as the cost of improvement of the original capital asset; the acquisition date of the land determines whether the composite land-and-building is short- or long-term. For computing capital gains under Sections 45 and 48, expenditure wholly and exclusively for transfer, cost of acquisition and indexed cost of any improvement are deductible, and Section 55 defines cost of improvement as capital expenditure on additions or alterations, excluding amounts deductible under other heads. en-us Thu, 18 Apr 2019 14:23:49 +0530 Thu, 18 Apr 2019 14:23:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8469 Construction costs incurred after acquiring land are treated as the cost of improvement of the original capital asset; the acquisition date of the land determines whether the composite land-and-building is short- or long-term. For computing capital gains under Sections 45 and 48, expenditure wholly and exclusively for transfer, cost of acquisition and indexed cost of any improvement are deductible, and Section 55 defines cost of improvement as capital expenditure on additions or alterations, excluding amounts deductible under other heads. Articles Income Tax Thu, 18 Apr 2019 14:23:49 +0530 https://www.taxtmi.com/article/detailed?id=8469