Capital Gains - Section 49(1)
This query is : Resolved
GIRISH SHARMA
(Querist)
05 April 2010
Dear Sirs,
An individual acquires a shop by way of inheritance from his father (exact date unknown). The father had purchased the said shop prior to 01.04.1981 (documents not available with the individual). The individual executed the mutation of the shop in July 2005. Now he plans to sell the property.
What will be the cost of acquistion & in which year (for indexation purpose) ?
Regards
G Sharma
An individual acquires a shop by way of inheritance from his father (exact date unknown). The father had purchased the said shop prior to 01.04.1981 (documents not available with the individual). The individual executed the mutation of the shop in July 2005. Now he plans to sell the property.
What will be the cost of acquistion & in which year (for indexation purpose) ?
Regards
G Sharma
VIKAS AGGARWAL
(Expert)
05 April 2010
In case the assets is acquired on or before 01-04-1981 then the FMV or the actual cost of acquisition whichever is higher as on 01-04-1981 will be the cost of acquisition and 1981 year would be considered for indexation.
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