23 August 2010
Hey Friends can any one suggest me , wat indexation should in case of property transfer by will. Say for the previous owner had purchase some property in the year 1982, and that previous died in year 2002 so his property had transfer to her Wife in 2002 & her wife sold that property in year 2009. So Wat index should be taken in that case to her wife.
23 August 2010
Its return in the ACT not in any case law. As per ACT if transfer is under mode if Sec 49(1) than Cost of acquisition,indexation is done on the basis of previous owner.
23 August 2010
Section is very clear Cost iflation index of 2002 has to be considered. However, in the case of Mrs. Pushpa Sofat case (2002) 81 ITD 1 the Chandigarh bench of the income tax Appellate Tribunal had held that indexation of cost had to be with respect to the date of acquisition of the asset by the previous owner.
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