Q. In Regard with Long Term Capital Gain

Question

Respected Sir/Mam,

I have applied a residential plot in Greater Noida Authority in Uttarpradesh in February 27-01-2001 and Authority allotted 201 Sq. Mtr Residential Plot. I have deposited Allotment money on 02-03-2001 of Rs. 60,000/-. Authority Issue receipt of 07-03-2001. The value of Residential Plot is of Rs. 3,82,500/-(Rs. 1920 Per Sq. Mtr Approx.) in installments which I have paid half yearly installment and got the Lease Deed registered on 17-12-2007.

My query is can I take value of plot on 01-04-2001 Fair Market Value of Rs. 6000/- per sq. mtrs. (as acquisition cost Rs. 12,00,000/-)

Thanks & Regards

Himanshu Kumar Jain

Answer 1

If Rs.6000 per square feet is the stem duty value then you can surely take it