Sale of agriculture land
This query is : Resolved
27 February 2016
if an individual has received a agriculture land which is inherited land then what will be the cost inflation index for the same when it is sold in future ???
CMA Ramesh Krishnan
(Expert)
27 February 2016
Please refer. Section 49(1) Of Income Tax Act says that “Where the capital asset became the property of the assessee by succession, inheritance etc . then the cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets incurred or borne by the previous owner or the assessee, as the case may be.
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