Hi Members,
Happy Holi to all.
My query is regarding Capital Gains.
A land was compulsory acquired by NHAI ine assessee had acquired the land in 1980 for Rs F Y 2007-08. But the compensation was paid in the F Y 2012-13. The compensation received was Rs 20 lakhs. The assessee had acquired in 1980 for Rs. 25,000/-
Now my query is while computing Indexed Cost of Acquisition, the cost of Index of which year is to be taken for the same.
Is it F Y 2007-08 or F Y 2012-13.
The cost of index for 2007-08 is 551 & 2012-13 is 852.
Waiting for the responses from the learned members.
CAclubindia
