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Indexed cost of acqusition

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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.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
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.
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