Indexation on cost of improvement
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 February 2014
Hi all...
my query is if any long term capital asset is transfer (eg:- land) in FY 2013-14. which was purchases in the FY 2001-02, but the improvement on such property is done in the year 2012-13. now in this case the asset is purchases before 36 months but improvement is less than 36 month. Should the cost of improvement also be index??? if yes pls give the reason.
my query is if any long term capital asset is transfer (eg:- land) in FY 2013-14. which was purchases in the FY 2001-02, but the improvement on such property is done in the year 2012-13. now in this case the asset is purchases before 36 months but improvement is less than 36 month. Should the cost of improvement also be index??? if yes pls give the reason.
CA Kedar Sakhardande
(Expert)
25 February 2014
Yes cost of improvement can be indexed.
The nature of asset (whether Short Term/ Long Term) is decided by cost of acquisition not cost of improvement
Regards
The nature of asset (whether Short Term/ Long Term) is decided by cost of acquisition not cost of improvement
Regards
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