Capital gains fmv

[Vasudevan T]

Whether the fmv forbuilding existing as on 1-4-1981 later demolished would qualify for indexation along with land value when sold later

AI Summary

Indexation may apply to land value when a building existing as of April 1, 1981, is demolished and sold. A query was raised regarding whether the fair market value (FMV) of a building existing as of April 1, 1981, which was later demolished, qualifies for indexation along with the land value when sold. The response provided suggests that indexation may be applicable to the land value.