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FSI/TDR sales in Mumbai exempt from capital gains tax due to no acquisition cost under 1991 Development Control Rules.

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Full Text of the Document

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....Capital gain on sale of Floor Space Index(FSI)/transfer of development rights(TDR) - FSI/TDR rights have accrued in favour of the assessee following promulgation of Development Control Rules for Greater Mumbai, 1991 and generated by the plot itself and there is no cost of acquisition - not liable for any capital gain tax....

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