Assessee received the property U/s 49(1) of Income Tax Act,1961through will during the F.Y. 2002-2003. The property was acquired by the previous owner in the F.Y. 1976-1977 for Rs. 200000/-. The notional value of the property in the F.Y. 1981-82 was Rs. 400000/-. The assessse sold the property in the F.Y.2009-10 for Rs. 2000000/- and the sale value of the property u/s 50C was also Rs.2000000/-. What would be LTCG chargeable to tax under the Income Tax Act, 1961applying indexation benefit?
perido of holding from 2002-03 to 2009-10
Rs.
Sale consideration 20,00,000
(-) COA = 4,00,000*711/100 28,44,000
LTC loss (8,44,000)
Hi,
As per my knowledge indexation benifit should be given form the year in which the present assesssee became the owner( from AY 2003-04) & not from 1981-82. However while determing the nature of capital asset (LTCA/STCA) the period of holding of the previous owner should also be considered
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