Property purchase value acquired before 2001

When selling a property acquired before April 1, 2001, you can use either the original purchase cost or the Fair Market Value (FMV) as of April 1, 2001, whichever is higher, to determine your capital gains. The discussion clarifies that for calculating the cost of acquisition, the value of the flat (800 sqft) is generally applicable, rather than including the undivided share of land (300 sqft) unless separate costs are specified. This choice is crucial for accurately calculating your tax liability.