Capital gains w.r.t cost of acquisition
This query is : Resolved
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?
If so please site me with a case law..
THank you
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?
If so please site me with a case law..
THank you
19 June 2015
1 Yes in case of gift/inheritance the cost& improvement and period of holding can be taken from the previous owner.
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