Pl ignore my earlier query on this issue.
Sale of flat in Nov 2023 for 70,00,000 /-.
Acquired prior to 1.4.2001.
Redeveloped in FY 2015-16. No money paid on redevelopment.
For computation of LTCG what will be cost of acquisition...
1. Value as on 1.4.2001
Or
2. Value as on the date of redevelopment.
I feel logically it should be value as on 01.04.2001. Since recent high court judgment has taken a view that the amount paid to tenant by builder is a capital receipt not chargeable to tax as it is towards alternate accommodation
Rgds-CA. Raj Doshi-R C D & Co.-Chartered Accountants- Kandivali West-Mumbai
CAclubindia
