capital gain
This query is : Resolved
17 April 2009
a person acquire house from his father who purchase it for rs.500000 and incurred 18000 as registration charges.then he sold it
what should be the cost of acquisiton
500000 or 518000????//
plz rply
what should be the cost of acquisiton
500000 or 518000????//
plz rply
17 April 2009
You should calculate indexed cost of acquisition.
Apply the indexation for Rs.500000 based on the year of acquisition.
Apply the indexation for Rs.18000 based on the year of transfer.
Add both the values you will get indexed cost.
Apply the indexation for Rs.500000 based on the year of acquisition.
Apply the indexation for Rs.18000 based on the year of transfer.
Add both the values you will get indexed cost.
17 April 2009
ok thanks
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
this is the whole question
this is the whole question
17 April 2009
sale consideration =1200000
less transfer exp =nil
index cost of acquisition =[518000x582]\497
or [500000x582]\497
less transfer exp =nil
index cost of acquisition =[518000x582]\497
or [500000x582]\497
18 April 2009
The first option.
But indexation will be taken of the year of acqusition i.e 1982-83 and not 2005-06.
But indexation will be taken of the year of acqusition i.e 1982-83 and not 2005-06.
18 April 2009
If the property is transferred to Mr.Y with out consideration, I think,Mr. Nitin Wadhwani's view is correct.
18 April 2009
Rs. 518000
18 April 2009
no indexation is allowed as holding period by Y is less than 3 years
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
so as per this provision
[518000 X 582]\497
?????/
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
so as per this provision
[518000 X 582]\497
?????/
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
then what should i do
kuch bhi samajh me nai aa rha
kuch bhi samajh me nai aa rha
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.
21 April 2009
answered
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