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cost for capital gain purpose

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(Querist)
21 January 2009 for a residential house what shall be the cost for capital gain calculation
1. actual amount paid i.e. 7 lakhs
2. amount recorded in sale deed i.e. 3 lakhs
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sheena Teckchandani

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sheena Teckchandani (Expert)
21 January 2009 Amount recorded in sale deed plus all the incidental costs.
Cost of any repairs and renovations has to be added.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
22 January 2009 I assume that the actual amount paid does not mean to include any unaccounted cash payment or black money. In such a case the cost of acquisition shall be the actual amount of Rs. 7 lac paid as consideration and the stamp duty paid as per the deed. However, it appears that Stamp Duty has not been paid in full which may be a cause of penalty proceeding under the relevant Act.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
08 February 2009 Amount in sale deed
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