Cost of Indexation for asset acquired under Will
This query is : Resolved
18 January 2011
Mr.Chakrapani,
Thanks for your reply, but my question was about index cost while calculating capital gain and not acquisition cost.
Whether cost of indexation would be the one for the year in which such asset was transferred to the assessee or the year in which such asset was acquired by the previous owner?
Thanks for your reply, but my question was about index cost while calculating capital gain and not acquisition cost.
Whether cost of indexation would be the one for the year in which such asset was transferred to the assessee or the year in which such asset was acquired by the previous owner?
18 January 2011
For the purpose of indexation the year in which the asset was first held by the assessee ( not the previous owner) is to be considered.
However in the following cases the indexation was allowed from the date of acquisition of the asset by the previous owner following harmoneous principle which is agaist the law viz., explanation (iii) to section 48 of the Income tax Act,1961.
1) Ms. Pushpa Sofat (2002)81 ITD 1 (Chd).
2) Kamal Misra (2008) 19 SOT 251 (Del).
However in the following cases the indexation was allowed from the date of acquisition of the asset by the previous owner following harmoneous principle which is agaist the law viz., explanation (iii) to section 48 of the Income tax Act,1961.
1) Ms. Pushpa Sofat (2002)81 ITD 1 (Chd).
2) Kamal Misra (2008) 19 SOT 251 (Del).
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