Capital gain, ipcc when property is inherited should we take alternative view given in practice manual?

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vinay sharma (Querist)
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22 October 2013 if the question appears in capital gain related to property which is inherited, for computing the indexation benefit which years indexation value should be taken to consideration? in practice manual two views have taken and answers are given. is it necessary to write both the answers? if yes which should be given first preference? please do the needful in this regard.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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22 October 2013 You can take the indexation from the year in which property being transferred...

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 October 2013 Explanation (iii) to section 48 may be followed.

Can give a note that alternate view taken by Chandigarh ITAT in ITO Ms. Puspa Sofat [2002] 81 ITD (1) is not considered while answering the question.

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