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Cost of acquisition for capital gains

mudit gupta (article assistant) (105 Points)

14 October 2016  

residential property sold in 16-17. For calculating index cost of acquisition, cost should be taken for the year in which final possession of property obtained i.e. 04-05 or as per payments made since initial booking of flat in 95-96 to final possession in 04-05.

 3 Replies

Syed Shanavaz (CA Final Student) (1 Points)
Replied 14 October 2016

Hai ... As per Explanation 3 to Section 48 of Income tax Act 1961 Cost inflation index for the PY in which the asset was 1st held by the assessee ..... With reference to above it might be the year of possession transfered for the 1st time ...

ANKUR TAH (Teacher Consultant and CA finalist.)   (543 Points)
Replied 14 October 2016

As per income tax possession does matter. You got possession on FY 04-05.

mudit gupta (article assistant) (105 Points)
Replied 14 October 2016

thanks ankurji and shanavazji

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