Issue related to capital gains
This query is : Resolved
12 June 2014
Sir,
If Purchase deed provides Cost of Land Rs 400000.00 in 1996 but assessee has received the possession on 12.06.2012 due to legal difficulties by paying Rs 22.00 lakhs i.e Fair Market Value. Now assessee sold the Land on 20.01.2014, then what will be the Cost of acquisition on Sale of Land?
If Purchase deed provides Cost of Land Rs 400000.00 in 1996 but assessee has received the possession on 12.06.2012 due to legal difficulties by paying Rs 22.00 lakhs i.e Fair Market Value. Now assessee sold the Land on 20.01.2014, then what will be the Cost of acquisition on Sale of Land?
12 June 2014
Date of beneficial ownership is applicable. Hence in your case it would be 12.06.2012 at Rs. 22L
12 June 2014
Date of beneficial ownership is applicable. Hence in your case it would be 12.06.2012 at Rs. 22L
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