Cost of Acquisition in case of inherited property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 August 2010
I own an inherited property which was purchased by my father in the year 1955. If now, I want to sell this property, how to compute the cost of Acquisition while calculating capital gain? Please clarify in detail
05 August 2010
Cost of Acquisition can be claimed on estimation basis(take idea of FMV) on the date of 1-4-1981, because the same is actually will be available to you.
and definitely, Actual COA will be less then FMV as on 1-4-1981.
Regards!!!
and definitely, Actual COA will be less then FMV as on 1-4-1981.
Regards!!!
Message likes :
1 times
CMA Arif Farooqui
(Expert)
10 August 2010
u can take COA from any of the following.
1. FMV as on 1-4-81
OR
2. COA to previous owner.
1. FMV as on 1-4-81
OR
2. COA to previous owner.
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