Indexation benefit u/s 49(1) of income tax act,1961

CA.AZAD JAIN (CA) (201 Points)

04 May 2013  

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?