Land by heritancr by son there is no cost of acquisition by father is also giving land by heritance
can 1.4.1981 Market value consider for cost of acquisition
3 Replies
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 27 September 2016
The cost shall be the cost to the previous owner who has actually acquired the land upon payment of consideration before 1.4.1981 or the Fair market value of the land as on 1.4.1981 whichever is higher.
Navitesh wadhwani
(-)
(29 Points)
Replied 27 September 2016
the cost of acquisition shall be the cost at which the original owner who has actually acquired the property.
If the property has been acquired by the original owner prior to 1 April 1981, you have the option of taking the actual cost of acquisition or fair market value as on 1 April 1981.
Recent Topics
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
- Rectification to decrease income in SCHEDULE OS
- Can Statutory Auditor of a subsidiary become concu
- Client Asking for the Revised Invoice
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- GST registration for medical shop in Karnataka
Related Threads
CAclubindia
