Cost of Indexation for property acquired under WILL
This query is : Resolved
18 January 2011
Hi all,
What cost of indexation is to be considered while calculating LTCG on sale of immovable property acquired under Will, is if the date on which such property was purchased by the original buyer or on which the such property was transferred to the seller under Will.
Is there any case law, either favouring assessee or the department?
Please reply
What cost of indexation is to be considered while calculating LTCG on sale of immovable property acquired under Will, is if the date on which such property was purchased by the original buyer or on which the such property was transferred to the seller under Will.
Is there any case law, either favouring assessee or the department?
Please reply
18 January 2011
The cost of acquisition shall be deemed to be the cost for which the previous owner of the property acquired it. No need of case law because the above legal position is contained in section 49(1) of the Income tax Act,1961 itself.
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