06 July 2010
Assesse hass sold a land in the current year.However he is not able to ascertain the cost of acquistion because it was gifted to him by his grandfather.HIs grandfather has acquired the property in 1967.
i) For ascertaining the cost of acquistion should the asessee a) take the actual cost as on 1967 and index it with 1980 Cost inflation index
or
b) to take the guideline value or market value as on 1980 and then index it.
How to calculate the index cost. ii)what to do if the actual cost as 0n 1967is not ascertainable
CAclubindia
