| Question And Answer | |
|---|---|
| Subject: | Pagdi flat made ownership after redevelopment. |
| Category: | Income-Tax |
| Querist: | Ravi |
| Answered by: | Research Team |
| Tags: | capital gain, date of acquisition on, redevelopment |
| Date: | July 16, 2023 |
My pagdi flat where I was residing since 1997made ownership after redevelopment. we signed documents for alternate accommodation and other in 2014. Possession on after development received in June 2021.Now while selling of this flat what will be the acquisition date for gain tax.
The market value of the property in the year 2014 is to be taken as acquisition cost for long term capital gain tax. Assessee can also avail indexation on the cost of the property value as well as on the cost for improvement of the property. The property has been held since 2014, therefore, the gain will be long term capital gain .
Disclaimer: This article is only for general information and is not intended to provide legal advice. Readers desiring legal advice should consult with an experienced professional to understand the current law and how it may apply to the facts of their case. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this article nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org