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Indexation on cost of improvement

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Querist : Anonymous

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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.
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CA Kedar Sakhardande

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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
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