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Query on Capital Gain

Arpit Sharma (CA Final & CWA Final Student) (231 Points)

28 March 2010

Dear All

Please clarify in case, where the gifted asset is transferred than from when the indexation is done. That is from the date of acquisition of previous owner or from the date of gift to the current owner. (as per provision applicable for May 2010 exam of ICAI)

Thanks in Advance

Arpit Sharma

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2 Replies

CA Govind B. Manglani (Employment) (31 Points)
Replied 28 March 2010

indexation::from the year in which capital asset was first held by the asseessee.

For determining LTCG/STCG::DATE FROM WHICH THE ASSET WAS PURCHASED BY PREVIOUS OWNER TO ASSEESSEE..

CA Lukesh Sethi (CHARTERED ACCOUNTANT) (150 Points)
Replied 28 March 2010

Hi Arpit,

the Benefit of indexation will be get by current owner from when he received from previous owner not from when previous owner has purchased. but cost and Period of Holding will be taken from when previous owner has purchased.