Question And Answer
Subject: Pagdi flat made ownership after redevelopment.
Querist: Ravi
Answered by:
Tags: , ,
Date: July 16, 2023
Query asked by Ravi

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.

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Answer given by

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 .

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