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