capital gain
This query is : Resolved
jalpa somaiya
(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?
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?
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.
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.
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.
jalpa somaiya
(Querist)
16 July 2009
Thank You Sir.
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