Cost of ancestral property
This query is : Resolved
10 August 2013
Person have ancestral property. Cost of the property not known. What will be the cost of the property for disclosure in balance sheet?
Person have no details of original purchase of property.
Please guide on this.
Person have no details of original purchase of property.
Please guide on this.
11 August 2013
If this property was acquired by your ancestors before 1.4.181 then the fair market value of the asset on 1.4.1981 would be its cost of acquisition.
11 August 2013
if fair market value is not available, Then?
11 August 2013
The value on which stamp duty was chargeable on 01.04.1981 is to be taken as FMV.
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