Suppose if flat purchased in 1995-96 sold now than how to calculate long term capital gain?
Since new capital gain chart is available from F.Y. 2001 - 02. Than how to calculate capital gain on sale of flat which belongs to 1995-96?
Please help.
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How to calculate ltcg on sale of flat which is purchased in 1995-96
Replies (2)
For cost of acquisition as on 1st April, 2001, you need to obtain FMV of the property from Approved Valuer.
Based on the COA you can calculate LTCG after its indexation i.e. base 100 to CII 280 for FY 2018-19.
you need to obtain the municipal valuation of the property as on Apr2001. if the cost of acquisition is greater than the municipal valuation then you can indexed the COA else if maybe meet municipal valuation is higher then index that .
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