if the assessee has received the house property free of cost from the land developer then what wil be the cost of acquisition while it sells such property?
Menu
What wil be cost of acquisition
Replies (2)
Cost of aquisition will be nil
In this case, when nothing has been paid to the builder, and builder is not a relative , then the Market Value of the flat
on which it has been gifted to him on or after 1-10-2009 , will be taxable as Income from Other Sources. Section 56(2)(vii)
The said market value will be treated as cost of acquisition when the flat will be sold.
Recent Topics :
- Foreign remittance
- Affordable Residential Flats in Gurgaon
- Manufacturing
- TAN REGISTRATION ON E-FILLING SITE
- Form 10-IEA – Continuing Old Regime
- Income tax act 2026
- Belated Return where Form 10IEA filed this year to
- GST Reconciliation Tool (2A vs Books) - looking fo
- TDS ON PF FORM 19 WITHDRAWAL
- Can a virtual office in Mumbai be used for company
Related Topics :
CAclubindia
