Sahil sold a residential house on 15th March, 2015 to Neeraj for ₹30 lakh of which value applied by stamp valuation authority was ₹38 lakh. Sahil purchased this house in March, 2004 for ₹12 lakh but the stamp duty value
CS Professional · Advanced Tax Laws and Practice · PYQS · June 2015
Sahil sold a residential house on 15th March, 2015 to Neeraj for ₹30 lakh of which value applied by stamp valuation authority was ₹38 lakh. Sahil purchased this house in March, 2004 for ₹12 lakh but the stamp duty value of the same was ₹15 lakh. In the context of these transactions, compute the following: (ii) Cost of acquisition to Neeraj.
Answer & Explanation:
As per the provisions of section 49(4), the cost of acquisition of residential property in the hands of Neeraj shall be taken as ₹38 lakhs.
Topics: Income Tax
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