Answers On Topic: building
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
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Assessee , A partnership firm has huge plot of NA land and has constructed commercial building on some portion of said land and said building was used for business purpose. Upto 31-3-2010, depreciation was claimed with respect to said building. However with effect from 1/4/2010, business operations of the assessee was discontinued and so assessee stop claiming depreciation on all of its assets including building. However normal return was filed every year showing losses because certain administrative expenses needs to be incurred. During the year, assessee has sold the full property which consist of Land and Building. Land being long…
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cost of acquisition of an asset