Income Tax Department has clarified that cost of acquisition for properties bought before 2001 will be the fair market value as of April 1, 2001, or the original purchase cost for calculating long-term capital gains (LTCG) tax. The fair market value should not exceed stamp duty value, it added. The Union Budget removed indexation benefit for properties purchased after 2001.
short by
Hiral /
09:06 pm on
26 Jul