Capital gains on redevelopment property
I had 3 flats with 500 Sq ft each worth 20 lakhs in mumbai purchased in march 2005,
In Sep 2009 the building went into redevelopment and was granted 3 flats with 750 sq ft each by builder
In Feb 2012 I sold all the 3 flats 60 lakhs each
what should be the capital gains and cost of acquistions for the same
Replies (2)
Cost of acquisition Rs. 20 lakhs for each (use indexation as on 31-3-2005), cost of improvement=Cost for restructuring from 500 sq ft to 750 sq ft (use indexation as on 31-3-10) n sale consideration is 60 lakh for each...N capital gain arrise would be long term capital gain....hope ur query is resolved....if u will tell me the restructuring cost then i will be able to tell u the taxable long term capital gain
But what will be the cost of the extra 250 Sq feet area which i have received free from the builder as the result of redevelopment ?
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