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?
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
| 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.
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
