Capital gain tax

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This query is : Resolved

RAJKUMAR SADHWANI (Querist)

15 August 2013 one of my client born in 1993 got the gift from grand mother in 2008 jewellery (originally purchased prior to 1981)and same is sold in 2013 what will be the indexd cost wheather it is 2008 or 1981

Anil Sankar V

Anil Sankar V (Expert)

15 August 2013 It will be from 1981.

CA Mukesh Jain S

CA Mukesh Jain S (Expert)

15 August 2013 1. Cost of acquisition will be cost to the previous owner or FMV as on 1.4.1981.

CA Mukesh Jain S

CA Mukesh Jain S (Expert)

15 August 2013 The base index to be taken is of 2008 since this is the first year in which the asset is held by the assessee.

Anil Sankar V

Anil Sankar V (Expert)

15 August 2013 Sir , being special case has taken from the actually date of purchase.correct me if i am wrong.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

15 August 2013 1981 can be taken as the base year, for arriving the indexed cost,in view of the tribunal decision in Mrs. Pushpa Sofat vs. ITO 81 ITD 1.

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