Hi,
This particular case is regarding Cost of acquistion of a residential house constructed before 01.04.2001.
- the property is inherited from her father and it is purchased before 2001. she is selling the same in year 2025.
- I understand, the Cost of acquistion is the stamp duly value as on 01.04.2001. For the land, per cent value available for the specific area and can be taken.
- what about the construction cost incured before 2001? Can we add the same based on the square feet cost constructed or it has tobe ignored and only stamp duly value tobe taken?
- Since the law says, cost of acquistion cannot exceed the stamp duty value, will this addition of cost of construction before 2001 be correct?
Please guide, thank you
CAclubindia
