Capital gain (indexation)
This query is : Resolved
Querist : Anonymous
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 ?
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 ?
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
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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