My grandfather acquired property and constructed residential house in 1959-60. My grandfather passed away on 31-12-1999. My father passed away on 03-07-2008. Both of them died intestate. I wish to sell the property now.

1. Can I take the fair market value as on 1st April 1981 as the cost of acquistion?

2. Can I apply indexation to cost of acquisition under Section 48 Explanation (iii)?

3. If I can apply indexation, which index will apply in relation to date of transfer - 1981-82, 1999-2000 (my grandfather's death) or 2008-2009 (my father's death which is when technically the property was inherited by me and therefore the first year in which the asset was held by me.)?

Will be grateful for expert advice.

Sir,

I have issued cheque to ABC party and also passed Payment Entry in Tally, but transaction could not place, and same cheque party send us back. Now my question is that whether I delete this entry or any other option to make reverse entry?
Regards,
Pravin.

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Housing/Resident welfare societies are taXed as AOP.
can any body share their exp./KNOWLEDGE-- on income taxation of an AOP ?.
i know AOP is taxed as an individual only. but it is taxed at the highest rate of tax slab like 30%? ,BECAUSE -i find under IT sec 167 B-if share of members in AOP is indeterminate- then only highest marginal rate of tax is applicable to AOP ie..30%.
so ANY res.welfare society being AOP is also taxed at highest rate of tax slab applicable to individuals.
did any res.welfare society experience this? pl. share how u r fighting the same AND WHAT R YOUR GROUNDS OF DEFENCE if any?or confirm that u already paid tax @30%?
what ITR form no.is filed by Res.Welfare society? ITR4 OR ITR5?
DOES THE ITR FORM NO. MAKE ANY DIFFERENCE?
PL. REPLY .WAITING TO HEAR SOON.
RGRDS AND THNKS,
R.V.RAO mail id - raovr2001@yahoo.com
9849436267 (MOBILE)

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Else, I shall do my Higher Secondary and then to pursue CA (as higher secondary if compulsory).

Pls guide

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