Capital redemption shall be reduced from your acquisition price. For instance, you purchase IRB InvIt today at Rs 60 per unit. In next one year, IRB InvIT distribute Rs 2 as capital redemption. After 1 years, the market price is same at Rs 60 and you sold your holding in market. Despite no change in price, you would still be subject to capital gain, as your acquisition cost would be adjusted (deducted) with capital redemption. Hence, you adjusted purchase cost would Rs 58 (Original purchase cost Rs 60- Capital redemption of Rs 2 during the holding period), while selling price Rs 60. So you need to pay 15% Short term capital gain (holding of 3 years is required for InvIT to be consider as long term) on Rs 2.
Disclosure: This is my understanding and it could be wrong. I am not a qualified chartered accountant. You may consider advise of tax expert on the subject.
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