I own a flat that used to be a slum which I bought in the 90s. It was redeveloped as part of SRA in 2005. I am now planning to sell it. My question is will my cost be calculated as per inflation-adjusted ready reckoner rate of 2001 or will it be valued as being free and therefore my long-term capital gain tax be calculated at the entire sale amount being considered as my profit?
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Long Term Capital Gain Tax applicable for SRA Flat
Replies (2)
Use Fair Market value as on 01.04.2001.
FAIR MARKET VALUE OF THE FLAT IN THE YEAR 2005. Obviously fair market value as on 1.4.2001 can be taken subject to certain conditions.
Indexed cost of accquistion has to be taken into consideration.
Indexed cost of accquistion has to be taken into consideration.
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