The IT department has clarified the cost of acquisition of real estate properties purchased before 2001 for Long-Term Capital Gains (LTCG) tax calculations.
Real EstateLong Term Capital GainsLtcg TaxIncome Tax DepartmentFair Market ValueReal Estate NewsJul 26, 2024
The cost of acquisition of real estate properties purchased before 2001 will be the fair market value (FMV) as of April 1, 2001, or the actual cost of the land or building.
Indexation allows taxpayers to compute gains arising out of the sale of capital assets after adjusting for inflation.
The LTCG tax rate on real estate properties purchased before 2001 is 20 percent.
The indexed cost of acquisition is calculated by multiplying the cost of acquisition as of April 1, 2001, with the cost inflation index for the relevant fiscal year.
Yes, taxpayers can choose between the cost of acquisition and fair market value for calculating LTCG tax.
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