Deep Shah (Job) (169 Points)
17 February 2019Suppose if flat purchased in 1995-96 sold now than how to calculate long term capital gain?
Since new capital gain chart is available from F.Y. 2001 - 02. Than how to calculate capital gain on sale of flat which belongs to 1995-96?
Please help.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 17 February 2019
For cost of acquisition as on 1st April, 2001, you need to obtain FMV of the property from Approved Valuer.
Based on the COA you can calculate LTCG after its indexation i.e. base 100 to CII 280 for FY 2018-19.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 17 February 2019
CAclubindia
