I purchased land in 1980 at Rs 10,000 and I disposed part last month.
How do i calculate cost of acquisition of the property of 1980 and cost inflation index benefit be taken while calculating long term capital gain?
jvratnam (Others) (109 Points)
13 May 2019I purchased land in 1980 at Rs 10,000 and I disposed part last month.
How do i calculate cost of acquisition of the property of 1980 and cost inflation index benefit be taken while calculating long term capital gain?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(165982 Points)
Replied 13 May 2019
Get circle rate (stamp duty value) of the land as on 01.04.2001 from sub registrar of the area, based on the rate as COA, you can calculate LTCG.
jvratnam
(Others)
(109 Points)
Replied 16 May 2019
Thank you very much.
I constructed a boundary wall around the plot and i do not have the proof on expenditure incurred and also i incurred certain expenditure for maintaining the land like periodic cleaning etc. and paid for security of the land by engaging a person, not full time . Will you please advise how to capitalise this expenditure to get the benefit of adding this in cost of acquisition. ?
CA Shikha Sharma
(Ceo)
(3869 Points)
Replied 16 May 2019
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
