04 July 2012
One of my client had purchased land on 07.06.2007 costing Rs. 40 lakhs and constructed a four storeyed building thereon (each floor having single flat), value of which is Rs. 60 lakhs. The construction was completed on 12.08.2009. He sold one flat on 18.12.2011 for Rs.1.08 crores . Please tell me what will be the cost of flat sold for the purpose of calculating capital gain.
CAclubindia
