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COST INFLATION INDEX AVAILABILITY

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Financial advisor
592 Points Posted on 08 April 2021

Dear expert,

If a residential house property purchased in October'2018, will it be treated a long term capital asset? If assessee sell this property in 2021-2022, can he apply CII? What is CII for FY 2021-2022?

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On 08 April 2021 at 17:46 Report
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3924 Points Posted on 08 April 2021
Cost of Inflation Index you will get at Income Tax web site . www.income tax .gov .in .
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On 08 April 2021 at 18:04
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Chartered Accountant
24588 Points Posted on 08 April 2021
If the asset is sold on October 2022, then it will be treated as LTCG. CII FOR 2021-22 is still yet to be notified
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On 08 April 2021 at 18:33
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CMA
13117 Points Posted on 08 April 2021
From AY18-19, the period of holding for residential house property is reduced to 24 months (instead of 36 months). So in this case, the house will quality as a long term capital asset and any sale after October 2020 will be subject long term capital gain/loss, as applicable. Indexation benefit will also be available.
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On 08 April 2021 at 18:49
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2742 Points Posted on 08 April 2021
Agree to both
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On 08 April 2021 at 19:11
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Chartered Accountant
24588 Points Posted on 08 April 2021

Yes if property is sold on October, 2021 LTCG will arise

 

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On 08 April 2021 at 20:08
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CMA
13117 Points Posted on 09 April 2021

24 months will be over by October 2020 (not 2021)

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On 09 April 2021 at 00:51
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Chartered Accountant
24588 Points Posted on 09 April 2021

Please share the notification regarding the reduction in time from 36 months to 24 months

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On 09 April 2021 at 08:25
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3924 Points Posted on 09 April 2021
Amended as per Finance Act 2017 from 36 month to 24 month , please refer section 2(42A) of the Income Tax act 1961 .
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On 09 April 2021 at 09:09
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Chartered Accountant
24588 Points Posted on 11 April 2021
Ok I have received the notification
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On 11 April 2021 at 05:51


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