Car parking expense is almost certain for people buying because in metro and mini metro cities . In fact even in smaller cities , developers offer car parking facilities per flat basis .The taxing issue this post is devoted about arise if you a new residential house with car parking space for claiming capital gains exemption under sec.54 or sec. 54F. The question that will surely arise at the time of scrutiny of your case by IT authorities is whether the expenditure on car space be considered as investment in new residential house for claim of capital gain exemption u/s 54 or 54F of the Income Tax Act. ?
