shruti goyal (cs) (122 Points)
14 September 2012what will b actual cost of a land which was purchased by assessee for rs. 1000000 n rcvd a susidy of rs. 150000 from govt. for calc. of capital gain.
as per expl. 10 to sec 43[1] subsidy will b dedcted frm actual cost for calculation of depre. bt what for land for cap. gain where no depre.
plz any body help soon.
Ankit
(CA, CS)
(3064 Points)
Replied 14 September 2012
Dear Shruti,
the cost of acquisition will be the cost actually paid by the company and not the FMV of the land
shruti goyal
(cs)
(122 Points)
Replied 14 September 2012
hi ankit i hv not told about fmv..assessee has paid 1000000 n reimbursed by govt. by rs. 150000 so m asking whether it will b 1000000 or 850000 as in pgpb clear exclusion of subsidy bt no such clause in cap gain so i m ltl cnfused..can u ans. me plz?
CA abhinandan agarwal
(CA CS Bcom(H))
(174 Points)
Replied 14 September 2012
hello.
the cost of acquisition is wat u actually paid.u actually paid 850000 so the COA is 850000.
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