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Assesse acquired a land from his father on 2011 as a gift deed. He gave land for development in return he got 3 flats out of 10 flats on 2014. He sold one of the flat in 2017.then how to calculate capital gain then what is the of acquisitions and cost of improvement .the sale flat is 45 sq.yds out of total 445 sq.yds .then how to split the area for 45 sq.yds for undivided area
Replies (1)
The cost of aquisition of land will be the cost to your father if purchased after 2001. OR the FMV as on 01.04.2001, if purchased before that.
For calculation of capital gain FMV of land as on handing over possession to developer or construction cost of the 3 flats is necessary.
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