Question And Answer
Subject: How to determine cost of Acquisition
Querist: Cosmas W Fernandes
Answered by:
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Date: June 16, 2022
Query asked by Cosmas W Fernandes

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?

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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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