Hello, I had applied for allotment of land in Noida through lotterry thru application money in 1998, I got the allotment and started paying the installment yearly, in 2004 I got the plot possession, then I constructed the house in it in 2006 and then sold it of in 2012. Question is:
(a) To calculate LTCG, what will be the year of acquisition, 1998 or 2004?
(b) I fully paid in 2004 so What will be the cost of acquisition, the amount finally paid till 20044 or initial money in 1998 if the answer to above question is 1998.
CAclubindia
