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Cost of Acqusition- Capital Gain

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David

article Assistant

1644 Points Posted on 02 July 2020

How to arrive the cost of a house constructed by own? If the bills are not available? For the capital gain purpose?

Replies (5)

Quick Summary

This discussion addresses how to determine the cost of acquisition for a self-constructed house when original bills are unavailable, particularly for capital gains tax purposes. It suggests exploring alternative documentation like bank statements, requesting duplicate bills, or using the fair market value as of 1st April 2001 if the construction predates this date, with valuation by approved professionals.

SUSHANT BIDAYE

721 Points Posted on 02 July 2020

There would be other documents such as bank entries etc.

you may also request for duplicate bills.

also it is a good practice to keep biils always for such important transactions

David

article Assistant

1644 Points Posted on 02 July 2020

Thank you. Is there any other way? If the construction was done long years back, what to do?

SUSHANT BIDAYE

721 Points Posted on 02 July 2020

Alternately if your house was constructed prior to 1-4-2001, you can substitute fair market value as on that date as cost of acquisition.

you can et the valuation done through approved Valuers