31 May 2022
I am selling my flat in Mumbai which I bought as is, where is. unfurnished (just walls and doors ,Etc) in 1971. I was told by my lawyer to get a Valuation report as on 1.4.2001 which I have done. but the valuer has given me a. Guideline value b. Market value c. RR value as on 31.3.22
How does one calculate capital gains LTCG) what area in 2001 and now what rate to take ?? As a very senior citizen every penny will count. regards I am selling as do not want to depend on my married children
01 June 2022
Sir. In 1971 there was only FLAT RATE for the flat. No measurements given, no sketches provided. Measuring the flat it was found that the carpet area was 383 sq ft. During the Amnesty Scheme of the Govt for stamp duty I was made to pay 19,310 ln the basis of built up area 459.6 sq ft. The Society was charging me Maintenance charges on carpet area of 383 sq ft. When I got the flat measured lately it was found that the carpet area was 404 sq ft. He also gave me not the area per sq ft but Gross Rate on GUIDELINE VALUE on April 1, 2001 and MARKET VALUE on the same date April 1, 2001. Buyers say they will only pay on CARPET AREA . They will be paying the STAMP DUTY on something called RR Rate which is not connected/ calculated with any of the above . Market area for this flat can only be ascertained by word of mouth from brokers hence request you to let me lknow about LTCG method of calculation? As I am an old person I seek your advice as do not want my children to undergo hardship later on.
06 June 2022
Whatever way buyer pays the amount, should be agreeable to you. Its open market, you can negotiate with different purchasers, as & when satisfies, go for deal. Final lump sum agreed price would be your sell proceeds. LT cap gain would be based on the sale deed value...
CAclubindia
