Section 49(1)
This query is : Resolved
14 November 2014
asset acquired from the previous owner u/s 49(1) is not transfer hence we take cost at which previous owner acquired.
my question-
is indexing done from the period acquired by previous owner or from the at which previous owner transfer capital asset to assessee ????
practical prob.-
suppose A acquired property for rupees 300000 in year 1981-82(100-index) and transfer to B as a gift in 1987-88 (150-index) n B sold this for 2000000 in p.y 2013-14 (index-939)
taxability in the hands of B????
14 November 2014
Cost to previous owner. 300,000
Year of acquisition. 1981-82
indexed cost of acquisition=300,000 X 9.39
Year of acquisition. 1981-82
indexed cost of acquisition=300,000 X 9.39
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