There are some cases where benefit of indexation is not available

Section

Capital Asset

Transferor

3rd Proviso to Section48

Bonds or debentures (other than capital indexed bonds issued by the Government)

Any person

112

Capital gains arising from transfer of unlisted shares (which is taxable at concessional rate of 10%) as calculated without giving effect to first proviso to Section 48

Non-resident

50A

Depreciable asset (other than an asset used by a power generating unit eligible for depreciation on straight line basis)

Any person

50B

Undertaking/division transferred by way of slump sale as covered by section 50B

Any person

115AB

Units purchased in foreign currency as given in section 115AB

Offshore fund

115AC

Global depository receipts (GDR) purchased in foreign currency as given in section 115AC

Non-resident

115ACA

Global depository receipts (GDR) purchased in foreign currency as given in section 115ACA

Resident individual - employee