CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
13 December 2008MR. A PURCHASED A HOUSE DATED 01.07.1965 OF RS. 100000.00 AND AFTER HIS DIED SUSH PROPERTY IS TRANSFEFERD TO MR B, SON OF MR. A DATED 1.08.2007.
MR. B IS SOLD SUCH HOUSE DATED 01.08.2008 OF RS. 2500000.00
WHAT IS COST OF ACQUISITION FOR MR. B?
IS BENEFIT OF INDEXATION AVAILABLE TO MR.B?
CA CHINTAN AJMERA
(Chartered Accountant)
(2987 Points)
Replied 13 December 2008
INDEXATION IS AVAILABEL ,ICA = FMV AS ON 1.4.81 OR COA BY PREVIOUS OWNER WHICHEVER IS HIGHER X CII OF YEAR OF TRANSFER / CII OF YEAR IN WHICH FIRST HELD BY THE ASSESSEE
PiyushAgrawal
(Chartered acooutant in practice)
(575 Points)
Replied 14 December 2008
| Originally posted by :Navin Jain | ||
| " | MR. A PURCHASED A HOUSE DATED 01.07.1965 OF RS. 100000.00 AND AFTER HIS DIED SUSH PROPERTY IS TRANSFEFERD TO MR B, SON OF MR. A DATED 1.08.2007. MR. B IS SOLD SUCH HOUSE DATED 01.08.2008 OF RS. 2500000.00 WHAT IS COST OF ACQUISITION FOR MR. B? IS BENEFIT OF INDEXATION AVAILABLE TO MR.B? |
" |
Yes, Chintan is Right.
But plz keep in mind sec 112.may b indexing is not banifical for assessee.
krantinath
(student)
(106 Points)
Replied 15 December 2008
the wording of the section for indexation says that the indexation should be given from the year when the assesse first holds............... there is a decided case law ... forget the case name but wil be page no 80 itr cases....... so u can give indexation from the year 1981
CAclubindia
