Hello Sir,
I am selling one of my plots admeasuring 4000 Sq. Ft. I have expended a huge sum on development / improvement (viz. Road, Drainage, Compound wall, Retaining Wall, Electricity) for the entire layout. My question is whether I can claim the deduction of the entire amount of improvement from the sale proceeds of only one plot. The layout contains total 5 plots (Total 20000 Sq. Ft.). But I am selling only one of them now. And when I will sell the remaining plots I will not claim any deduction for the cost of improvement. But can I claim the entire amount now , so that I will have the minimal tax liability for now. Your opinion is valuable for me. Kapil.
