26 November 2011
Ms X acquired a residential property in 2008 from her father by will. This property was acquired by her father prior 1980. For indexation what shoul be the year 1980 or 2008
26 November 2011
Section 48:- “indexed cost of acquisition” means an amount which bears to the cost of acquisition the same proportion as Cost Inflation Index for the year in which the asset is transferred bears to the Cost Inflation Index for the first year in which the asset was held by the assessee or for the year beginning on the 1st day of April, 1981, whichever is later;
Conclusion: In your case indexation year will be 2008.
27 November 2011
But courts had held otherwise. Citation :- i)Mrs. Pushpa Sofat v. ITO, 81 ITD 1 (Chd.) (SMC). ii) Deputy CIT v. Smt. Meera Khera, 2 SOT 902 (Mum.).
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