Calculation of Indexed acquisition cost of a property
This query is : Resolved
04 January 2023
I Have few doubts regarding how to calculate Indexed acquisition cost of a property. These are:-
1. Property was purchased in FY 2009-10 & 85% money was paid to builder. Registration & Sale Agreement was carried out same time. But as it was under construction property, Possession was given in FY 2010-11 & rest 15% paid. So Which year CII will be used for indexation purpose?
2. Stamp duty & registration charges paid during purchasing of this property will be added in property cost or not?
Please clear my doubt.
Thank you
1. Property was purchased in FY 2009-10 & 85% money was paid to builder. Registration & Sale Agreement was carried out same time. But as it was under construction property, Possession was given in FY 2010-11 & rest 15% paid. So Which year CII will be used for indexation purpose?
2. Stamp duty & registration charges paid during purchasing of this property will be added in property cost or not?
Please clear my doubt.
Thank you
04 January 2023
1. Take CII for FY 2010-11.
2. Yes, if you had not claimed it u/s. 80C of the act.
2. Yes, if you had not claimed it u/s. 80C of the act.
Message likes :
1 times
04 January 2023
Cant CII can used for the year (FY2009-10) in which the registration of the property was done & maximum payment has been made? Kindly confirm
04 January 2023
For Capital gains on house property, possession is considered as date of acquisition.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- LTCG for Assmt year 26-27
- TDS related Query_Liquidated Damages
- NON- SUBMISSION OF LLP FORM 3
- Last year TDS Claim
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
