19 June 2015
My client has inherited a building from his parent in 2011-12 .The property was acquired on 1973 and the same was constructed on 1978.In 2011-12, the old building was demolished and a new building was developed by a Joint developer agreement. Now My question is 1.whether the client can include cost of acquistion(yr 1973)& improvement cost of the previous owner as his cost of acquisition & improvement cost and the period of holding can be taken from the previous owner?
CAclubindia
