For F.Y. 2017-18, while calculating Capital Gain on sale of immovable property, which had been purchased before April 2001, do we need to take purchase value or FMV as on 01-04-2001 as purchase consideration?
9 Replies
Shivam gupta
(student)
(263 Points)
Replied 12 April 2018
yes,for fy 17-18 onwards base year is 2001-02 and fmv as on 1.4.01 is to compared with Cost of aquisition
Mayur
(Free Learner)
(334 Points)
Replied 13 April 2018
Thanks for sharing knowledge and experiance.
Deepika Yadav
(561 Points)
Replied 12 April 2018
You need to take purchase value or FMV as on 01.04.2001 as purchase consideration whichever is higher for calculating long term capital gain
Rishi
(NONE)
(163 Points)
Replied 12 April 2018
take fair value or cost whichever is more beneficial to you that is whichever is higher.
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