DEAR FRIENDS,
I WANT TO KNOW THE COST OF ACQUISITION IN THE FOLLOWING CASE:
A LAND WAS SOLD SEVEN YEARS BACK AND A HOUSE PROPERTY WAS PURCHASED TO CLAIM EXEMPTION FROM CAPITAL GAINS.
NOW, THAT BUILDING IS DEMOLISHED AND SOLD AS A LAND.
WHAT IS THE COST OF ACQUISITION IN THIS CASE?
BUILDING VALUE + DEMOLISHING EXPS.
KINDLY CLARIFY.
THANKS IN ADVANCE.
Depends upon 2 factors.
1. Agreement or sale registered as land or structure with any required modification/s.
2. Onus lies over assessee to prove about improved sell price ONLY after demolition.
AJAY SINGH AND CO LLP
Thane
CA Final
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