long term capital gain on selling office

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..... The land was inherited by this person before 1981. Where should he obtain FMV as of 1981 of the plot? He constructed a very small one-story office during 1981-82. He does not have any receipt of the construction. What should he do to prove the construction? What aspects of maintenance would count, if any? He installed electricity, hired a cleaner, built boundary etc. He had to fight i .....

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..... n court for years to claim his inheritance - Will lawyer fees etc. count as cost of acquisition? He lives in US, and he had to fly twice to India to settle the deal. Does the airfare count as expenditure? - Reply By Sunil K. Jain - The Reply = For the purpose of FMV one has to be in touch with the regd valuer of immovable property who will also will provide the cost of constrcution also for .....

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..... that period. Insttaltion of electiricity, and boundry wall will be part of cost of contrcution. Lawyers fee etc and airfare are not part of cost of acquisiton. - Reply By PRASAD GORTHI - The Reply = The value of the plot can be obtained from the local state government Registar's office or from the local body duly certified. To proove the construction, Registered Valuers certification will ser .....

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..... ve the purpose. All capital expenditure such as cost of electrification etc., will form part of the cost of the building. Claner charges are revenue nature and do not form part of the cost. Lawyer's fees, court expenses, air fares etc., will form part of the cost of acquisition. - long term capital gain on selling office - Query Started By: - PK PK Dated:- 30-9-2011 Income Tax - Got 2 Replie .....

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..... s - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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