if the assessee has received the house property free of cost from the land developer then what wil be the cost of acquisition while it sells such property?
if the assessee has received the house property free of cost from the land developer then what wil be the cost of acquisition while it sells such property?
Cost of aquisition will be nil
In this case, when nothing has been paid to the builder, and builder is not a relative , then the Market Value of the flat
on which it has been gifted to him on or after 1-10-2009 , will be taxable as Income from Other Sources. Section 56(2)(vii)
The said market value will be treated as cost of acquisition when the flat will be sold.
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