Question And Answer
Subject: cost of acquisition of an asset
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Date: March 19, 2023
Query asked by CA SANJAY GUPTA

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

  1. the cost of building and improvement
  2. the value of land only
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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.

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