I-T dept clarifies acquisition cost of real estate bought before 2001 for LTCG calculations

The Indian Taxation Service (I-T) has announced that the cost of acquisition for 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 for the calculation of long-term capital gains (LTCG) tax. The FY25 Budget has reduced LTCG tax on real estate to 12.5%, from 20% previously.