17 February 2021
Land has been alloted to related family members under an order of the LRT. The original applicants being deceased, the land has devolved to the heirs. The LRT order was passed in 2003 and the Form 10 was issued even later. The land has now been sold. For the purpose of Capital gains, what is the cost of acquisition to be taken. Will it have to be taken as NIL or can the value as on 1.4.2001 be taken since the original applicants were in occupancy of land before 2001?
CAclubindia
