10 January 2024
Dear Expert, Need to understand capital gain implication on following.
We have ancestral/inherited flat (purchased approx 50 years ago) which we have agreed to given to developer, and against the same developer had given us new flat for Rs20 Lacs (20 lacs as a construction cost of new flat). We have registered new flat 5 years back. Now we are selling this flat for Rs50L. We need to understand how much capital gain need to pay and when to pay.
11 January 2024
Sir, 20 Lacs which we are paid is basically construction cost of new unit. But can we get additional land deduction as for amount may have paid 50 years back by our Grandfather. If yes, How to arrive cost of acquisition for the same as we dont have any at details/amount of old property purchased.
CAclubindia
