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Capital gain

Anita Kulkarni (Student CA Final ) (166 Points)

01 February 2016

hello, in case of property inherited CII of which year should be used, the year in which property was inherited or the year in which property was purchased by previous owner..?? and second question is in case of compulsory acquisition which year CII should be used ,the year in which first payment is received or the year in which it was acquired.??

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CHETAN SHARMA (ARTICLE) (47 Points)
Replied 02 February 2016

1) In case of inherited property COA is the cost of previous owner, so the CII will be based on the FY in which the property was purchased by previous owner.

2)Compulasy acquisition - CII is based on COA not on transfer. In compulasry acquisition we are transfering our property, So CII will be based on the FY in which property was acquired. It is irrelevant that in which year you have received first pymt.

CHETAN SHARMA (ARTICLE) (47 Points)
Replied 02 February 2016

1) In case of inherited property COA is the cost of previous owner, so the CII will be based on the FY in which the property was purchased by previous owner.