Indexed cost of acqusition
This query is : Resolved
15 February 2012
A captial Asset being a Commercial Shop was Gifted by elder Brother to younger Brother by way of Gift Deed in F.Y.2005-06. The same property was purchased by elder Brother in F.Y.1998-99 from outside party. Let us assume that the cost of Acqusition to the elder Brother was Rs.2,00,000/- in year 1998-99 & there after certain expenditure incurred in relation renovation & alteration etc in different years approx. to Rs.1,00,000/-
Now the query is whether both Cost of acqusitions can be indexed based on the year of Purchase/Renovations & the same can be reduced from Sale Consderation Of Rs.15,00,000/- in the year of Sale i.e. 2010-11 or not in the hand of Younger Brother who sold the property in year 2010-11 so far computation of Long term Captial Gain is concerned under I.T.Act.
Now the query is whether both Cost of acqusitions can be indexed based on the year of Purchase/Renovations & the same can be reduced from Sale Consderation Of Rs.15,00,000/- in the year of Sale i.e. 2010-11 or not in the hand of Younger Brother who sold the property in year 2010-11 so far computation of Long term Captial Gain is concerned under I.T.Act.
15 February 2012
Cost of Acquisition and cost of improvement
, both are to be indexed. Period of holding to be calculated from the date when the previous owner, i.e. "Big" Brother, acquired
the property.
, both are to be indexed. Period of holding to be calculated from the date when the previous owner, i.e. "Big" Brother, acquired
the property.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Section 50-fixed asset-->building ceases to exist
- Reprocessing of rectification order AY 2025-26
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Gift Received from nonblood relative
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Regime change
- Consolidated financials
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
