i have sold a house which i had myself constructed in 2001. How to arrive at the cost of acquisition? This figure is required for calculating LTCG. Does this cost of acquisition have to be as per the circle rates prevailing at that time or can it be the reasonable amount spent in construction?
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Cost of acquisition for calculating LTCG
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Resonable rate incurred on construction...
second thing if you have purchased/constructed the property you can take FMV as on 1.1.2001 or cost which ever is higher as your cost and calculate indexed cost accordingly
second thing if you have purchased/constructed the property you can take FMV as on 1.1.2001 or cost which ever is higher as your cost and calculate indexed cost accordingly
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