I have got a house from my parents which i have sold in FY 2014-15. The house was constructed by my parents before 01.04.1981.
What would be the cost of acquisition for the house and for whose year indexation will be used?? Will both components, land as well as building, be taken into consideration while computing Cost of Acquisition??
27 April 2015
1. Value of the property as on 1.4.1981 is considered as cost of acquisition. Accordingly indexation will be available from 1.4.1981. . 2.For Land & Building, combined valuation may be obtained from the registered valuer. Cost of land will also be considered. .
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