Cost of Residential property not available

Assesse has sold the property for more than 50 Lakhs. However the same property was purchased 40 years before for which the assessee does not have any proper document and the cost. 

Can the assessee claim any cost of purchase against the sale consideration.

Is there any other option available.

Replies (2)
Quick Summary
If you've sold a property for over 50 Lakhs but lack original purchase documents from 40 years ago, you may still be able to claim a cost of acquisition. One suggested method is to obtain the Fair Market Value (FMV) from the Sub-Registrar's office as of 01.04.2001 and use this as your cost. Explore this and other potential options for your situation.

Get the FMV of the property from Sub-registrar office as on 01.04.2001, & take it as COA.

Pls post actual cost

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