Capital gain tax on redeveloped flat sold within 2 years of possession
We had a MHADA apartment which we purchased in year 1994. It has gone under a development in 2011 and we got possession of new flat in FEB 2018. Area of old apartment was 160 sq.ft. and new flat is 485 sq.ft. We have sold this flat in July 2019 i.e. within 2 years of possession.
Are we liable for LTCG or STCG? What will be the purchase/ base value & sales value for calculating capital gain?
Asked 11 days ago in Capital Gains Tax from Mumbai, Maharashtra
For cost of acquisition, can we consider Fair Market Value given by Valuator if the value as per sales deed is very less when compared to the Fair Market Value? Value on which registration fees is paid is 15% of actual market value in 2018.
Asked 11 days ago