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question of capital gain

21 August 2018

x & sons,HUF , pur a land for 120000 in the p.y. 2002-03. in the P.Y. 2006-07, a partition takes place when mr. A ,a coparcener , is allotted this plot in P.Y. 2007-08.
plot sale in 2017-18.

now my que. is that which year index use for indexation.

CA study mat. use p.y. 2006-07 index

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3 Replies

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 21 August 2018

2007-2008 index shall be used since he got complete ownership in that particular year and thats the last transaction which happened on aforesaid plot

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Himanshu Bhati (32 Points)
Replied 21 August 2018

mam ye PY. 2007-08 wrong type ho gaya .
plot 2006-07 me ho gaya tha.

ans. me ek note he

Note- As per the view expressed by bombay HIGH Court in CIT v. MANJULA J. SHAH
in case the cost of acquisition of the capital assets in the hands of the assessee is taken to be cost of such assets in the hands of the previous owner &
the indexation benefit would be available from the year in which the capital assets is acquired by the previous owner . if this view is considered the index cost of acq. would have to be calculated by considering the cost inflation index of F.Y. 2002-03

iska kya mean he
kya 2002-03 ka index lena chahiye tha