plz help me out friends ,
income tax :- capital gain -
cost of acquizition for a person is suppose to be taken as the cost of the previous owner,
for ex. if A received a plot of rs. 5 lks in 2005 on partition ,
HUF purchases the same plot in may '1995 at rs. 1 lks
now A sold the plot in year dec'2010
questions :- the cost of acutizition for A is rs . 1 lks and indexing benefit is available to A from 2005 , k
now ,as per the recent judjement in BOMBAY TRIBUNAL THE BENFIT OF INDEXING IS AVAILABLE FROM THE DATE OF THE ORIGINAL PURCHASE MEANS FROM THE YEAR HUF PURCHASES THE SAME I.E. 1995
NOW , MY QUESTION IS WHAT TO DO IN EXAM , TAKE THE BENFIT OF INDEX FROM 1995 OR FROM 2005
NO HIGH COURT DECISION IS THERE ON THIS ISSUE TILL DATE , THE BOMBAY TRIBUNAL HAD GIVEN DECISION ON THIS MATTER IN
CIT V/S MANJUKA J SHAH ,2009
PLZ HELP
CAclubindia
