Tax implication

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Mehul Chudasama (Querist)
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11 January 2014 My Father Purchased House In 1980 In Chawl System In 1980 In Rs.10000, On Death Of Him I GOt That In 1995. In 2010 House Went Under SRA (Slum Rehabitation) And I Got Flat Which I Sold In 31.07.2013 In Rs. 35,00,000 SO whether Capital Gain will attract me or what the index cost of acqution for me calculating capital gain

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 January 2014 1. yes capital gains are applicable.

2. the cost is to be determined as the fair value as on 1 april 1981 or th original cost Rs 10000 whichever is higher..

3. indexation is to be applied on the cost arrived as per point 2.

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