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.
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Cost of acquisition for capital gains
Replies (3)
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 ...
As per income tax possession does matter. You got possession on FY 04-05.
thanks ankurji and shanavazji
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