Sir,

I have inherited a resd flat in 2006. The same was purchased by my father in 1970. If I want to sell what are the capital gains laws please -

1. How do I get its valuation as on Apr 1980 (??) to take as Cost of Acquisition?

2. Do I have the option of paying 10% of net capital gain without taking Indexation on the price in 1980?

3. OR is it mandatory that I have to take the Indexed cost of acquisition and then pay 20% on the net capital gain??

A different subject please. The society does not allow the flat to be used as guest house. Can I use it for Paying Guest or now its called Home Stay - for short tenures of say 7-10 days? If so what are the implications and what do I need to do?

Thanking you

MGR