I have bought a land (residential property) in 2015 and spend some money for constructing a house in it. Now I would like to sell the entire property due to some urgency of money even though the selling value is less that what I spent on it. It's been considered as short term capital loss. The problem is that, I don’t have proper documents to prove my expenses during construction since there were no builders/contractors involved for the construction. The construction was coordinated by my father with the help of local workers. I have few questions this case:
1. In the absence of documents, will I be charged for tax for the amount by which I sell the property? What are the ways to show my actual expenses?
2. I am a salaried employee. What are the documents required to claim tax exemption under loss from property?
