| Question And Answer | |
|---|---|
| Subject: | How to determine cost of Acquisition |
| Category: | Income-Tax |
| Querist: | Cosmas W Fernandes |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Capital Gains, cost of acquisition, development |
| Date: | June 16, 2022 |
I purchased the residential flat on 19th sept 1988 for Rs. 2,31,000/- subsequently flat went for development under individual agreement dated 31/12/2010. showing a value of Rs. 7,97,500/- and stamp duty paid by developer was Rs. 22,500/- subsequently redeveloipment delayed and was finally completed and cc certificate issued in November 2018.
What will be the cost of acquisition if I plan to sell the flat now?
The cost of acquisition shall be the Stamp Duty Value of the property as on December 31, 2010 i.e., Rs. 7,97,500/- and the period of holding shall commence from December 31, 2010.
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