CA.MANOJ LAMBA (chartered Accountant) (969 Points)
07 February 2009A GIFTED HOUSE TO HIS SON B WHICH HE WAS PURCHASED IN 1982 IN SEPTEMBER 2008. FOR RS. 50000.B SOLD THIS HOUSE TO C FOR 5000000 IN DECEMBER 2008.BUT ONCE A HAS RECEIVED RS.100000/- IN 1983 AS ADVANCE AGAINST AGREEMENT TO SELL BUT DEAL NOT MATUARED & ADVANCE IS FORFIETED.NOW MY QUESTIONS ARE FOLLOWING:-
A) WHETHER NO INDEXTION BENEFIT ARE AVAILABLE TO B ON SALES IN SUCH CASE.
B) WHETHER THIS CAPITAL GAIN IS STCG OR LTCG
C) WHICH IS THE COST OF ACQUISATION FOR B FOR CALCULATING CAPITAL GAIN.
Anirudh
(Student/Articled Trainee)
(45 Points)
Replied 07 February 2009
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A GIFTED HOUSE TO HIS SON B WHICH HE WAS PURCHASED IN 1982 IN SEPTEMBER 2008. FOR RS. 50000.B SOLD THIS HOUSE TO C FOR 5000000 IN DECEMBER 2008.BUT ONCE A HAS RECEIVED RS.100000/- IN 1983 AS ADVANCE AGAINST AGREEMENT TO SELL BUT DEAL NOT MATUARED & ADVANCE IS FORFIETED.NOW MY QUESTIONS ARE FOLLOWING:- A) WHETHER NO INDEXTION BENEFIT ARE AVAILABLE TO B ON SALES IN SUCH CASE. B) WHETHER THIS CAPITAL GAIN IS STCG OR LTCG C) WHICH IS THE COST OF ACQUISATION FOR B FOR CALCULATING CAPITAL GAIN. |
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Indexation will be of no effect since the CII is 582 for the year in which the assets was first held by B and the year in which it was sold.
It is a Long term Capital Gain
Cost of Acquisaiton is 50,000 less 1,00,000 received against the non performed contract....
Please reply if i am wrong
Anirudh
(Student/Articled Trainee)
(45 Points)
Replied 07 February 2009
please Correct me .. if I am wrong
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