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Capital gain (indexation)

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 September 2011 if property is transfer under will whivh year cost of index will tkae base?
for eg father have puchase property in 1975 and he died in 1993 , property transfer to his son to which he sell in 2010 while indexation which year will take base ?
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Ravikant

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Ravikant (Expert)
03 September 2011 THE BASE WILL BE 100 OF 01.04.1981
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CA Rajeev Bansal

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CA Rajeev Bansal (Expert)
03 September 2011 Fo indexation base will be taken for the year in which asset is gifted to the assessee i.e 1993-94 if tansfer after 31st march 1993 otherwise take base 1992-93
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
03 September 2011 Mr.Bansal's view is supported by the Income tax Act,1961. However, various ITAT's had decided otherwise ie in support of Mr. Ravikant's view vide the case in Mrs. Pushpa Sofat vs ITO (2001 81 ITD 1).
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