Geet J.Vishwakarma (M.Com) (30 Points)
16 November 2012
Please give your opinion on the below mentioned case:
A Flat purchase on 1998 and agreement made on the same but the Stamp Duty paid & registerd flat on 2003. So in the above case cost of Aquistion taken on which year 1998 or 2003 ?
saurabh goyal
(self employed)
(103 Points)
Replied 17 November 2012
Could you explain what you mean by purchased in 1998 ? Do you mean you received the money in advance? As I know Unless the stamp duty is paid & registration is done , we can't say property is sold officially . so I guess in this case year 2003 will be considered .
yashsr
(CA)
(2285 Points)
Replied 17 November 2012
Aggreement and the payment made on 1998 on registration and stamp duty process taken palce on 2003
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 17 November 2012
1998 COST INFLATION INDEX WILL APPLY
CA Ruben Balooni
(Professionalism ™)
(1324 Points)
Replied 24 November 2012
Ownership shall be reckoned from the date of posession. So Cost Inflation Index of 1998 shall apply.
Pankaj Gupta
(CA final & M.Com Student)
(3358 Points)
Replied 24 November 2012
Year 1998 shall be taken for the purpose of calculating indexation.
Saket Sinha
(Student)
(129 Points)
Replied 25 November 2012
As per the provisions of the income tax act, cost of acquisition shall be the price as mentioned in the agreement. If price as per agreement is less than the stamp duty value assesed or assessable by the stamp valuation authority then stamp duty shall be paid on such value assesed.
CA JATINDER KAPOOR
(JOB)
(305 Points)
Replied 25 November 2012
Cost of Indexation is applicable on the year on which u get the possession of the Flat then u will be treat as the owner of the flat.
Ravi Kumar Mahaur
(CA-FINAL)
(202 Points)
Replied 26 November 2012
CII will be applicable for that year in which you have taken the possession on such property.
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