SANTANU KOLEY (ACCOUNTANT) (69 Points)
12 January 2021Dear All,
My mother purchased a flat in October.12 for Rs.3,20,000/- ( Stamp valuation Rs.18,00,000/-), then she gifted me the same in March.13. Now I sold the flat in November.20 for Rs.17,00,000/- ( Stamp valuation Rs.22,00,000/-). In this case what is my sell value, cost of acquisition & capital gain amount.
Thank You
SANTANU
Kapadia Pravin
(17259 Points)
Replied 13 January 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 13 January 2021
SANTANU KOLEY
(ACCOUNTANT)
(69 Points)
Replied 13 January 2021
As the property is govt. subsidised the cost price is low, similar project in same area is Rs.12,00,000/- aprox thats why figure is very high.
But the question is what is the cost of aquisition is it Rs.3,20,000/- or Rs.18,00,000/- ?
Kapadia Pravin
(17259 Points)
Replied 13 January 2021
As it is Govt Subsidised, cost will be 320000/-
CAclubindia
