17 April 2009
X acquired the property in the previous year 1982-83 for Rs.5,00,000 and paid Rs.18,000 as registration charges. X transferred his property on 15-9-2005 to his son Y. The market value of the property as on 15-9-2005 is Rs.10,00,000. Y sold the property on 31-5-2008 for Rs.12,00,000. Calculate the capital gain for 2009-10
18 April 2009
why for 82-83 provision is= [cost of acquisition of pr owner X cii for year of transfer]\cii of the yr for which the assesse fst held the asset
18 April 2009
It was held in the case of Shekhar sharma v/s calcutta ITAT that benefit of indexation is allowed from the year the assessee acquired the asset as in case of normal transfer.
18 April 2009
See if u want to avoid the possibility of a litigation claim indexation from the year in which the asset is first held otherwise if you are daring enough claim from 82-83 itself.
CAclubindia
