How is cost of acquisition calculated

How is cost of acquisition calculated

Kindly clarify my below points.	
Joint Development Agreement done by Builder with Owner in June 2019 for construction of 20 flats on house constructed land, Which is gifted by his father in Feb 2018.				
Completion certificate received in Oct 2021 and possession given to owner for 10 flats as per agreement.

Please help me How Cost of acquisition is calculated in above scenario?

(i) . Indexed cost of acquisition to the land value as on 1st Apr 2001..?? (as it is purchased by his father before 2001 )OR

(ii). Indexed cost of acquisition to the Property value mentioned in Gift Deed 2019?? OR

(iii). Property value of land & House as on June 2019 ( JDA year) ? OR

(iv). Property value mentioned in JDA document???

Asked 4 years ago in Capital Gains Tax

Option is how you would calculate cost of acquisition for capital gain in case of JDA.

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Thank you

Naman Maloo

CA, Jaipur

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Hello,

What is the date of acquisition of the property originally by his Father?

If it is before 1st April 2001, the cost of acquisition would be the fair market value of the property as on 1st April 2001 justified by a valuation report by a certified valuer.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani