Ltcg calculation: property cost of acquisition on sale

Neeraj (Self Employed) (34 Points)

14 June 2012  

Hi All, 

I have below queries related to LTCG calculation on sale of property. Would appreciate if someone could please help me in getting the right information.

1. What is the cost of aquisition of property. In my case, there is a Sale Agreement with builder on which amount is mentioned as XX, where as there Absolute Sale Deed which is registration document with amount YY. Sale deed has lesser amount than sale agreement. If Sale deed amount is to be considered, then it means that my cost of aquisition will be lesser than actual and effectively increase my LTCG and tax liabilities.

2. Can I use the amount spent on woodwork, electrical fittings etc as part of Cost of Aquisition. I dont have any receipt of those with me now as it was 7 - 8 Years back. Is there a way or minimum amount I can show as per the rule. 

3. In case I can consider the Sale Agreement amount as flat cost, would I be able to use registrtion cost mentioned in the sale deed agreement. 

Thanks in Advance. 

Regards,

Neeraj