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.
Menu
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
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
