I have few queries regarding value of home and notional rent etc. Can anybody please answer them?
1. What is the cost of acquisition for a flat? Is it what paid to builder (receipts available) or the amount quoted in registration documents (which in general is kept low)?
2. For self constructed homes, only plot value is given in registration documents and in many places actual construction happens without receipts (especially in villages and towns)as you just approach some local contractor for construction. How to fix cost of acquisition for this?
3. Similar question for home improvement. Most transactions happen without receipts even if money is paid using cheques. How to fix home improvement cost for this and how to defend in case the return goes for scrutiny?
4. Many places say for un occupied homes notional rent is declared. But how to get the value of reasonable notional rent. Obviously I can’t say that my notional rent is Rs100 per month.