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)
please go through the link before replying to the query
Thanks in Advance
Arpit Sharma
As per the provisions of Income Tax Act, in case of gift . . .
1. For determining "Short Term or Long Term" Gain, the period of holding of previous owner shall also be considered in computing the period of holding.
2. For indexation, the index when the the "assesee become the owner" (At the time of receiving gift) shall be considered.
but what about the decision given in that case ( as per link attached)
CAclubindia
