24 December 2013
Facts of the Case:- An Assessee is allotted a plot by HUDA in faridabad by draw of lot in 2006, in regard of which he pays certain sum in annual installment till 2013(amount :approx 5.25 lacs). To be Accurate 1st installment(2007) : 98000 2nd installment(2008) : 102000 3rd installment(2009) : 71000 4th installment(2010) : 67000 5th installment(2011) : 62000 6th installment(2012) : 58000 7th installment(2013) : 68000 Now in 2013 he decides to sell this plot for 23 lakh. Confirmations Required on following:-
i) Should i take COA as combined 5.25 lakhs with period of holding beginning from 2006 (i mean CII of 2006 for whole 5.25 lakhs which has been paid in installments later) or ii) Should i take each installment as per its year of payment and apply CII of that particular year
24 December 2013
1. Date of acquisition shall be 2006 (provided the possession was handed over in 2006), otherwise it will be the date on which possession was handed over. 2. COA shall be Rs. 5.25 lakhs. 3. Indexation will be applied on the whole 5.25 lakhs for the year 2006-07 (if possession was handed over in 2006).
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