Cost of Acquistion

This query is : Resolved

(Querist)
Follow

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

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
Follow

09 July 2010 I think you can take value of the year 1980 on assumption basis, but this should be supported by some strong thoughts or proofs.

Regards!!!

Let them other express their view also.