Capital gain
This query is : Resolved
09 July 2016
I have sold a building in 2015-16 which was acquired in 2011-12. Agreement cost of purchase was Rs 59 lakh and Stamp value was Rs 67 lakh. Which value should be taken for the calculation of Indexed cost of acquisition.
09 July 2016
Rs. 67 lakhs provided Rs. 8 lakhs [67-59] is offered as income u/s 56(2)(vii) in the year 2011-12.
12 July 2016
Dear sir, as per my understanding, for immovable property Sec 56(2)(vii) is amended w.e.f. AY 2014-15, it means it was not applicable for immovable property in the year 2011-12. So, I think, IOS will not generate in the hands of purchaser in that year. Even can I take Rs 67 lakh for indexation purpose to compute lower Capital Gain.
12 July 2016
If so 49(4) has no relevance in this case.
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