20 December 2021
I have received inherited residential flat of my father which was purchased at approx Rs. 18000 (Eighteen Thousand) in 1980 in mumbai, area 265 sqft. In 2007 the building got extended and so the flat extended by 110 sqft. I have transferred 50% share of my flat on my wife's name, now we are joint holders. If I sell the flat for 65 Lakhs how much tax will be calculated on sale of inherited property. Request you to kindly guide.
20 December 2021
Though you inherited it in 2020, from your father via mother; but original cost of the flat as of 2007 will be required to to calculate capital gain.
28 December 2021
Where can I get the cost of my flat in 2007. I searched for ready reckoner of previous years but was unable to find. Can you please guide
CAclubindia
