a person offered his land for development and did not pay any capital gains further after development he sold flats and paid capital gains by considering fair market value of flat as cost of acquisition. Is that allowed as per income tax act
please clarify
and also provide me case laws if any regarding this so that I can refer
further
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cost of acquisition in JDA
Replies (2)
read 45(5A)
This section will come in to force from 01.04.2018. What will be your answer if he sold flats before 01.04.2018.
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