Final Up to date on October 24, 2024 at 9:50 am
In response to our article, Actual Property Taxation Instance After Finance Invoice 2024 Modification, a reader asks, “Does the Monetary Invoice clearly point out that for capital good points taxation on the new 12.5% fee, the price of acquisition for the property would be the worth of the property on April 1, 2001 and never the precise buy value earlier than 2001? Need to make sure about this side.” Tax skilled Manmohan Sethumadhavan who just lately revealed Capital Positive factors Taxation Guidelines Prepared Reckoner responds.
In regards to the writer: Manmohan Sethumadhavan is a freelancer, investor, and private finance fanatic “in quest of absolutely the fact.” You possibly can observe Manu on Twitter @ManuTsr. Additionally, learn his articles:
The indexation to price of acquisition was enabled by the 2nd Proviso to Part 48 within the finance invoice. The indexation was restricted by the brand new modification to properties bought earlier than twenty third July solely.
Part 55(2)(b) defines the price of acquisition.
(i) the place the capital asset turned the property of the assessee earlier than the first day of April 2001, means the price of acquisition of the asset to the assessee or the honest market worth of the asset on the first day of April 2001, on the choice of the assessee ;
This was untouched.
So, an individual can select between the precise price or FMV of 2001, whichever is useful. This additionally applies to the brand new 12.5% fee instances.
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