My Father purchased a flat or 768 sq.ft carpet area in a Mumbai suburb in 1987 for Rs. 8 lakhs. The society went into redevelopment in 2015 and flat was handed over to builder and PAA was signed in 2016. My Father passed away in 2017 and i being the only legal heir, inherited the property in 2017. Redevelopment project is nearing completion and possession is expected in Feb 2024. Builder has given 60% extra area and hence my new flat will be 1230 sq.ft.
I will be selling of this flat. How will Capital Gains Tax be calculated and how can I save this tax?
CAclubindia
