Cost of acquisition for house which has been demolished and rebuild
I am co owner of house . Land cost purchased in 1976 was 523000/-
Cost of GF constructed prior to 1.4.81 rs 315262/-
Cost of FF and sf in 1994 Rs 14,19000
Building was demolished in 2014 and new building was constructed.
Some part of newly constructed builidng is sold in 2017.
AO is considering only land cost ( indexed cost) as cost of acquisition saying that since the building is demolished old building cost is Zero.
I have considered all the above cost (indexed) as COA and paid LTCG tax .
Please advice is AO correct in rejecting the old cost as part of COA as the case is time barring . Your early advice with case law will be quite helpfull
Asked 17 days ago in Capital Gains Tax
Thanks Mr VivekKumar.
Please can you share some case law in support of this arguement that COA should inclusive of land and cost incurred on construction prior to 2001 on building whihc has been demolished as AO is completely denying any cost incurred prior to demolishion.
Asked 16 days ago