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?
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.
CAclubindia
