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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Hello, Please guide as to how we can claim compensation for undivided ancestral land acquired by Govt. for Canal construction. 1. We have ancestral land that remains undivided among my grandfather and his brother and other relatives in our Village. 2. We do not have any land records however we do have possession of the said land. 3. As I'm given to understand in the land records available in the land record portal of Odisha Govt. Lot many people are mentioned in addition to my Grandfather and his younger brother,we do not know who are these people or do not…
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The assessee is a owner of land admeasuring 1 lakhs sq ft. Assessee has decided to develop the housing project on the said land in a phased manner. The first phase is on a plot of land having area 2500 sq mtr. The project satisfies all the conditions of the section. After obtaining the completion certificate of the project assessee has commenced phased 2, which also satisfies all the conditions of the section. However, the AO has issued a show cause that in view of section 80IBA(2)(e), that assessee is eligible for deduction u/s 80IBA on the plot of land…
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cost of acquisition of an asset