An assessee acquired a property through a will in F.Y. 2011-12, which was acquired by the previous owner before 1981 and the same property was sold by the assessee in the F.Y. 2013-14. What cost inflation index will be taken by the assessee for computing indexed cost of acquisition, whether it will be 100 (for 1981-82) or it will be 785 (2011-12) ?
Consider CII of 2011-12 which is 785 as per relevant section of Income Tax Act 1961.
I agree with Miss Madhavi Pandit, cost to assessee in your case will be the cost of previous owner and the cost inflation index of the year in which previous owner acquired the asset would be applied.
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