11 June 2009
It would be governed by Sec.49 of the Income Tax Act.
The taxability would be as follows:
Full Value of Consideration (It must be atleast equal to Stamp duty valuation)
Less: Expenses on Transfer
Net Sales Consideration
Less: Indexed Cost of Aquisition (Cost of Aquisition x Indexation of year in which property was aquired by previous owner/Indexation of year in which property was transferred to you*
CAclubindia
