Hello,
I have recently sold an Office premise in Mumbai.
The property was purchased in 1976. Actually it was purchased in a non-conventional way.
The property was on Padgi. Then in 1981, all offices in the building were converted to Ownership and we paid 110 month rent as purchase price and the property was transferred in my name.
What is the legally correct way to compute the purchase value and the ready-reckoner price, index price to calculate the wealth tax liability.
Any help or advice is greatly appreciated.
Thx & Rgds,
Sanjay
