| Question And Answer | |
|---|---|
| Subject: | cost of acquisition of an asset |
| Category: | Income-Tax |
| Querist: | CA SANJAY GUPTA |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | building, indexation, land |
| Date: | March 19, 2023 |
An assessee purchased a builiding in 2002 an made certain improvements thereafter . The building was old and was demolished in 2021. The assessee is now selling the land. What shall be cost of acquisition for tax purpose
- the cost of building and improvement
- the value of land only
As we understand, the assessee purchased the Land and Building in 2002, demolished the building in 2011 and is now selling the land. The Assessee will get the cost of the land and can index the said cost.
Disclaimer: This article is only for general information and is not intended to provide legal advice. Readers desiring legal advice should consult with an experienced professional to understand the current law and how it may apply to the facts of their case. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this article nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org