Capital gain

This query is : Resolved

Deepak Khadake (Querist)
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09 July 2016 I have sold a building in 2015-16 which was acquired in 2011-12. Agreement cost of purchase was Rs 59 lakh and Stamp value was Rs 67 lakh. Which value should be taken for the calculation of Indexed cost of acquisition.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 July 2016 Rs. 67 lakhs provided Rs. 8 lakhs [67-59] is offered as income u/s 56(2)(vii) in the year 2011-12.

Deepak Khadake

Deepak Khadake (Querist)
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12 July 2016 Dear sir, as per my understanding, for immovable property Sec 56(2)(vii) is amended w.e.f. AY 2014-15, it means it was not applicable for immovable property in the year 2011-12. So, I think, IOS will not generate in the hands of purchaser in that year. Even can I take Rs 67 lakh for indexation purpose to compute lower Capital Gain.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 July 2016 If so 49(4) has no relevance in this case.