The real flag of Kashmir is this:
This flag(the red one) was introduce after the Kashmir got split into two, the time when India took over half 2/3 of the Kashmir. The then Government lead by Sheikh Abdullah introduced this flag.
The other part of Kashmir Known as Azad Kashmir kept the original flag of Kashmir as their flag.
The Saffron color part of the flag define the Kashmiri Pandit community, while as the green part with the crescent and a star define the Kashmir Muslim community, united as one in peace and prosperity.