Dear All,
My Client has Recieved flat by his parents he is having the NOC but couldnt find the document which is supposed to be with his parents and that is why he is not having evidence by which he can find out the Acquituisition cost of F.Y.2001-2002.
How to Find out the cost and wether it is acceptable or not.
for what purpose do you want cost of aquisition?
SOld the Flat so have to file Return of income .
Since Capital Gain has attracted.
then you must have got registery papers of the property sold.
Yes but what about the purchase price
did your client purchased property from his parents, or was it gifter /inherited from parents.?
if it was gifted than cost of aquisition of parents will be considered, and that value would had been written on registery papers.
property is inherited and i am familiar with the provisions of section 49(1) of IT Act but Client for any personal reason dont want to ask the price of the flat from his brother who is handling all the old documents, they have fear in heart that their brother will ask for money from them, that is why i want to find out the FMV and then do the valuation.
On Sale Agreement only Sale price is written
in that case contact builder or property from that area, and get approximate value.
no other option is there
Thanks alott
CAclubindia
