Cost of Acquisition of plot sale

177 views
User Avatar

a
78 Points Posted on 18 July 2021

Cost of Plot as per Deed Rs.20 L

But Bank Purpose for CC Renewal Cost of Plot Corrected and Stamp Duty paid ( Correction Deed Rs.25L)

and Plot are sold Rs.21L 

the question is Cost of Acquisition which to be consider for capital gain calculation

0 Reply Share Follow
On 18 July 2021 at 13:13 Report
Replies (2)
Quick Summary
This discussion clarifies the cost of acquisition for capital gains tax when a plot's value is adjusted after the initial purchase. The consensus is that the original purchase price, as stated in the deed, should be considered the cost of acquisition for tax purposes, not any subsequent corrected value or sale price.

User Avatar

Chartered Accountant
86505 Points Posted on 18 July 2021
You have to considered cost of acquisition as RS.20 lakh i.e. value you actually paid for purchasing such plot.
Reply
On 18 July 2021 at 13:37
User Avatar

Chartered Accountant
24588 Points Posted on 18 July 2021
20 lakhs rupees should be cost of acquisition
Reply
On 18 July 2021 at 14:31

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Gross total income
  2. Export Compliance
  3. Sale of plots in open land
  4. Income tax query
  5. Best CA Inter coaching in laxmi nagar
  6. HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
  7. Unregistered Association of Persons (AOP) Agreemen
  8. Intimation u/s 245 of income tax act
  9. Ewaybill query
  10. IDS Refund: GSTR-2B Invoice Not Validated in State

More recent discussions | Post

Related Topics :

Loading