banner_ad

Cost of acquisition where only land is sold after demolishing the building

Tax queries 916 views 5 replies

I have sold a land in 2021 after demolishing the building.  The buyer wanted us to demolish the building before getting the registry of land .

We purchased both the building and land in 1960. 

What should be the cost of acquisition as on 2001.

 

Replies (5)
FVM on 01.04.2001 can be the cost of purchase.
Since the base year is shifted , If the property purchased prior to 01.04.2001 , you must obtain the Fair market value as on 01.04.2001 which can be used as cost of acquisition

Will both land and building be included as cost of acquisition 

FMV of only land should be considered
Condition for sale is demolishing the building. So you may search for case law


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details