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: For properties purchased before 2001, the Income Tax Department uses the Fair Market Value (FMV) as of April 1, 2001, to calculate indexation benefits and capital gains.
If you access a 2001 PDF today, the difference in figures is startling. Areas like Bandra, Andheri, or Lower Parel had RR rates that were a fraction of their current market values.
Disclaimer: This article is for informational purposes only. Real estate laws and taxation rules vary by case. Always consult a qualified chartered accountant or real estate attorney before relying on historical Ready Reckoner data for legal or financial decisions.
. In Mumbai, the 2001 RR rate serves as a critical historical benchmark, primarily used today for determining the Fair Market Value (FMV)
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