Cost of Indextion for Capital Gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 March 2010
house property is sold by legal heirs.
the house property was purchased by the father of the legal heirs in 1935.
The father was expired in the year 2004-05.
The cost of indextion is taken on the basis of 1981 as the base or the year in which the legal heirs have become the owners of the property.
the house property was purchased by the father of the legal heirs in 1935.
The father was expired in the year 2004-05.
The cost of indextion is taken on the basis of 1981 as the base or the year in which the legal heirs have become the owners of the property.
05 March 2010
For the purpose of indexation, the year in which the asset was first held by the assessee is to be considered as per section 49(1). Therefore, the index for 2004-05 should necessarily be considered as the denominator. However, in the case of Mrs. Pushpa Sofat Vs CIT (2002)81 ITD 1 the Chadigarh Bench of the Income tax Appellate tribunal had decided that Index of 1981(in your cited issue)should be taken as the denominator.
Since the act is very much specific,with due respect, I disagree with the view of the Tribunal.
Since the act is very much specific,with due respect, I disagree with the view of the Tribunal.
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