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capital gain

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(Querist)
15 July 2009 whether benefit of indexation availed if current owner hold asset 4 less than 3 yr which was acquired by him u/s 49(1) & previous owner hold 4 more than 3 yr.?
i.e. prv. owner acquired land on 12-3-86 ,death of prv. owmer on 1-1-2006 and current owner got land as per will.he sold the land as on 1-1-2008 wht is capital gain?
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Ratan Sharma

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Ratan Sharma (Expert)
15 July 2009 Hi,
Indexation is available from the date from which the assessee becomes the owner of property.
Capital Gain will be as under;
Sale Consideration xxx
Less Indexed cost
Cost of land/CII of 2005-06 X CII of 2007-08
--------------------
Balance will be long term capital gain.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
15 July 2009 You can also take the benefit of Indexation from 85-86 as it was held in the case of Pushpa Sopat V/s Calcutta ITAT.
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jalpa somaiya

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jalpa somaiya (Querist)
16 July 2009 Thank You Sir.
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