My father purchased a residential flat in 1983. It was 650 sq.ft. for Rs.2L
Redeveloped started in 2012 and completed in. 2015. Flat became 940 sq.ft. after redevelopment.
We want to sell our redeveloped flat for 250L in FY 2021-22. Please tell us how the capital gains tax will arise and how to claim exemption u/s 54. Thank you.
Get the circle rate of the flat as on 2015. that will be your COA.
LTCG will be sell price less indexed COA.
Yes, you can get exemption u/s. 54, if the conditions are satisfied under the section.
Thank you so much sir. So I don't need the 2001 value. 2015 value is the COA. Great.
Could you also tell me sir where can I get that circle value of 2015 from?
That process was supposed to be linked when the new flat was acquired in 2015.
Either Sub-registrar office of the region or the agreement copies of the builder with the other buyers of the building registered in 2015.
CAclubindia
