Madam FM has sneaked in an amendment in latest budget in SEC 55 which disallows Fair Market Value of Property as on 2001 as Cost of acquisition if it is more than Stamp Duty Value. This makes no sense as that will be applicable in almost 100% cases as Stamp Values in 2001 were pittance. This notification says w.e.f 1-4-2021. Is this applicable for FY:2020-21 AY:2021-22 or FY:2021-22?
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Fair Market Value removed for Capital Gains
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Yes applicable w.e.f FY 2020-21
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