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Deemed cost of acquisition Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Deemed cost of acquisition Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is deemed cost of acquisition in taxation? |  |
Ans. The deemed cost of acquisition in taxation refers to the value assigned to an asset for the purpose of calculating capital gains tax. It is used when the actual cost of acquisition is not available or cannot be determined, such as in cases of inheritance or gifts.
| 2. How is deemed cost of acquisition determined? | |
Ans. The deemed cost of acquisition is determined based on the fair market value of the asset as of a specific date. This date is typically the date of acquisition by the previous owner or the date of death of the previous owner in case of inheritance. The fair market value is usually determined by an independent valuer or based on other relevant factors.
| 3. When is deemed cost of acquisition applicable? | |
Ans. Deemed cost of acquisition is applicable in situations where the actual cost of acquisition is not available or cannot be determined. This includes cases of inheritance, gifts, or where the asset was acquired before a certain date for which records are not available.
| 4. Why is deemed cost of acquisition important for taxation? | |
Ans. Deemed cost of acquisition is important for taxation as it helps determine the capital gains tax liability on the sale of an asset. By assigning a value to the asset, it allows for the calculation of the gain or loss made on the sale, which is then subject to taxation.
| 5. Are there any exceptions to using deemed cost of acquisition? | |
Ans. Yes, there are exceptions to using deemed cost of acquisition. In some cases, the tax laws may provide specific rules or exemptions that determine the cost of acquisition differently, such as for certain types of assets or transactions. It is important to consult the relevant tax laws and regulations to determine if any exceptions apply.
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Nov 16, 2024 Last updated |
Video Description: Deemed cost of acquisition for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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