Would like to know if the property which comes under Slum Rehabilitation Authority scheme is sold after 10 years of lock in period, will it be taxable under capital gains? Hut bought in 1980, redevelopment done under sra scheme & flat allotted in 2010, The sale price is Rs. 40 lacs. The assessee is a senior citizen who is not liable to tax. If capital gains is payable, I would like to know what would be the cost of acquisition to be taken & how much capital gain tax will be payable?
I have mentioned actual figure only., if anything missed pls let me know.
I have mentioned actual figure only., if anything missed pls let me know.
Cost of acquisition will be stamp duty value as on date of possession of the flat in 2010.
Hut was purchased in 1980.
Cost of Acquisition would be COA in 1980 or FMV on 01.04.2001 at the option of assessee.
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