plz help me

Dear ramsinghania jee,

In Capital gain always remind one thing that whenever you are in a doubt plz read the Sec and related case laws carefully.

Now for your question this is nothing to doubt as in the case of DCIT12(2), Vs.MANJULA J SHAH, 2009-TIOL-698-ITAT-MUM-SB decided by Special Bench of ITAT on October 16, 2009 the Special Bench has decided that, the date of acquisition by the previous owner in case of gift, is relevant for the purpose of indexing the cost of acquisition in hands of donee / assessee who subsequently sold the property received in gift from the previous owner.

your case is related to sec. 47 (i) and as per this sec any distribution of capital assets  on the total or partial partition of a Hindu undivided family will not be regarded as Transfer.

And the question you have asked is not a case of gift.

Therefore you should calulate the indexing benefit for A  from  2005 and not from 1995. However you should take the Cost of acquisition of the previous owner i.e. 1,00,000.

I am Attaching the Case of DCIT12(2), Vs.MANJULA J SHAH, 2009 for your Help.

thanks for u r answer suresh  , but still the dought remain the same ,  the benefit of indexing  should be allowed or not , the provision u r telling i do agree with  that it should be cost at which the orginal purchaser  and the indextion befit from the date the assess get the property in his name , that is in the given case year 2005 , but again the benefit should be given from the date of purchase from the orginal purchaser of the property from the above decision

thanks alot ...more  veiws are invited plz help

question  2 :- 

MR .A  purchase a house property for rs . 5 lks in 1.1.1981, cost of improvement incurred  2 lks  in  1987 , 5 lks in september 1994.

the hoise was inherited by mr.b on death of mr,a  on april ,2004

b sale it  in march 2011 for 60 lks

expenditure for transfer 3.64 lks

mr. b  invested  rs . 10 lks in may 2010

and 10 lks in june 2011

how much money  should be depostited in capital gain account scheme to avail full exemption

Originally posted by : ramsinghania
	thanks for u r answer suresh  , but still the dought remain the same ,  the benefit of indexing  should be allowed or not , the provision u r telling i do agree with  that it should be cost at which the orginal purchaser  and the indextion befit from the date the assess get the property in his name , that is in the given case year 2005 , but again the benefit should be given from the date of purchase from the orginal purchaser of the property from the above decision thanks alot ...more  veiws are invited plz help

Oh Dear you have not read it carfully the case

Actually this case(DCIT12(2), Vs.MANJULA J SHAH, 2009) is for GIFT and not for HUF Partition.

i got that , its regarding the gift ..

but y the same dnt apply when its inhertited not a gift but a property which transfer from father to son or anythink like that

you should calulate the indexing benefit for A  from  2005 and not from 1995. However you should take the Cost of acquisition of the previous owner i.e. 1 lacs..

SURE NA , BCAUSE THE SAME IS GIVEN IN THE BOOK BUT THAT CASE LAW IS THERE , ALTHOUGH ITS REGARDING THE GIFT FROM HUF BUT MAKING ME CONFUSING

AGAIN ONE MORE THINK , THE COST OF IMPROVEMENT SHOULD BE HAVE  INDEX BENEFIT FROM THE DATE OF IMPOVEMENT AND NOT FROM THE DATE OF TRANSFER

I MEAN  IF THERE IS A IMPROVEMENT IN 1997 NOT PURCHASE THEN THE BENIFIT OF INDEX SHOULD BE FROM  1997  RATHER THAN 2005

SUPPOSE THERE IS A PURCHASE in  1995  then improvement in 1997  and  the property got in the name of  b  in 2005,

index benifet  is from  2005  in the case of cost of acqusition , but the improvement  index benifit is from 1997

Originally posted by : ramsinghania
	i got that , its regarding the gift .. but y the same dnt apply when its inhertited not a gift but a property which transfer from father to son or anythink like that

Dear Ram jee,

In Income tax Act always remind one thing that The act has provided spesAct has provided specific Provision on each topic and they categories the same.

If you read Sec 47 you will find that the act has clearly stated the provision separately:

for HUF and inheritance.

Now in case of inheritance as per sec 49(1) ..................

if the assessee acquire the asset from the previous owner after 1-4-1981(as in your 2nd Question), although previous owner acquired it before 1-4-1981 (as in your Question no. 2) then the indexation will be done as per my Attached file:

thanks suresh  and raman

thanks alot

Originally posted by : ramsinghania
	thanks suresh  and raman thanks alot

Welcome jee..........

for dt u must read the following :-

t. n . manoharan

hope u have that

practical manual :- attach

case study  updated by icai

must read legal updates

service tax list

attach

all case study :- not so imp