cost for capital gain purpose

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dhaval (Querist)
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21 January 2009 for a residential house what shall be the cost for capital gain calculation
1. actual amount paid i.e. 7 lakhs
2. amount recorded in sale deed i.e. 3 lakhs

sheena Teckchandani

sheena Teckchandani (Expert)
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21 January 2009 Amount recorded in sale deed plus all the incidental costs.
Cost of any repairs and renovations has to be added.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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22 January 2009 I assume that the actual amount paid does not mean to include any unaccounted cash payment or black money. In such a case the cost of acquisition shall be the actual amount of Rs. 7 lac paid as consideration and the stamp duty paid as per the deed. However, it appears that Stamp Duty has not been paid in full which may be a cause of penalty proceeding under the relevant Act.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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08 February 2009 Amount in sale deed

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