Cost of ancestral property

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Laleet Patil (Querist)
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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.

CA Suresh Jain

CA Suresh Jain (Expert)
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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.

Laleet Patil

Laleet Patil (Querist)
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11 August 2013 if fair market value is not available, Then?

CA Suresh Jain

CA Suresh Jain (Expert)
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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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