Computation of the indexed cost of purchase of property
This query is : Resolved
Kapil Tiwari
(Querist)
27 September 2012
My aunt had a vacant plot of land measuring 590.69 square yards. According to the valuation report dated 13th March,1981, the value of these 590.69 square yards of land was Rs.5,03,000/-. Vide Sale Agreement dated 25th July,2012, 267.27 square yards from the same plot of land was sold for a total consideration of Rs.1,10,36,000/-.My queries are:
1)What should be considered the actual value(without indexation)of 267.27 square yards as on 1/4/1981(when CII is 100)?
2)What should be considered the indexed cost of these 267.27 square yards of land if sold on 25/7/2012?
1)What should be considered the actual value(without indexation)of 267.27 square yards as on 1/4/1981(when CII is 100)?
2)What should be considered the indexed cost of these 267.27 square yards of land if sold on 25/7/2012?
03 October 2012
1. The cost of acquisition without indexation shall be Rs. 2,27,593
(5,03,000/590.69*267.27)
2. The indexed cost of acquisition shall be:
2,27,593*852/100 = Rs. 19,39,093
(5,03,000/590.69*267.27)
2. The indexed cost of acquisition shall be:
2,27,593*852/100 = Rs. 19,39,093
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