Ascertaining cost of acquisition

Tax queries 123 views 3 replies

Dear Friends,

 

i have a question pertaining to ascertaining cost of acquisition of a house property. My grand father had bought a house property for Rs. 6 lacs in the Year 1986. I intend to sell it as I have inherited it. Now here it gets interesting.

 

For assessing stamp duty in Mumbai we have to consider ready recliner rate and add 20% to come up to built area for stamp duty purpose. Now what will be my cost of acquisition?

1) original value of Rs. 6 lacs

2) Ready reckoned rate as per 2000-01 and add 20% to come up to built up area 

 

or

 

3) only ready recliner rate as per 2000-01?

Replies (3)
what is ready reckoned rate as per 2000-01 and 20 % can u clarify so I can help u
I donโ€™t know the ready reckoner rate for 2000-01. But is 20% added to it as the govt of Maharashtra adds 20% to their official value for stamp duty purposes
Ok ok Then your cost of acquisition is 6 lakh COA have nothing to do with stamp duty value And You have to index same up to current year in case you are selling same and calculating capital gain


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