Indexation
This query is : Resolved
11 March 2020
Sir Hello
I want to take one advise from experts. Commercial Shop in 1996 but the conveyance deed done in 2015. My question is: Can I take the purchase date as 2015 for indexation purpose? It is sold in 2019. Is it treated as long Term or Short Term. Pl reply asp as I have to deposit advance tax.
Pl advise.
Regards.
I want to take one advise from experts. Commercial Shop in 1996 but the conveyance deed done in 2015. My question is: Can I take the purchase date as 2015 for indexation purpose? It is sold in 2019. Is it treated as long Term or Short Term. Pl reply asp as I have to deposit advance tax.
Pl advise.
Regards.
11 March 2020
Purchase year for indexation is 2015. Gain is long term per corollary to section 2(42A).
26 March 2020
Sir
What will be the purchase value if I take year of indexation 2015. Is it the value of 1996 or what? Pl advise.
What will be the purchase value if I take year of indexation 2015. Is it the value of 1996 or what? Pl advise.
25 May 2020
You have to calculate the indexed price of 2019 as your base year will be 2015
NOTIFIED COST INFLATION INDEX UNDER SECTION 48, EXPLANATION (V)
As per Notification No. So 3266(E) [No. 63/2019 (F.No. 370142/11/2019-TPL)], Dated 12-9-2019, following table should be used for the Cost Inflation Index :-
Sl. No. Financial Year Cost Inflation Index
(1) (2) (3)
1 2001-02 100
2 2002-03 105
3 2003-04 109
4 2004-05 113
5 2005-06 117
6 2006-07 122
7 2007-08 129
8 2008-09 137
9 2009-10 148
10 2010-11 167
11 2011-12 184
12 2012-13 200
13 2013-14 220
14 2014-15 240
15 2015-16 254
16 2016-17 264
17 2017-18 272
18 2018-19 280
19 2019-20 289
[As amended by Finance Act, 2020]
NOTIFIED COST INFLATION INDEX UNDER SECTION 48, EXPLANATION (V)
As per Notification No. So 3266(E) [No. 63/2019 (F.No. 370142/11/2019-TPL)], Dated 12-9-2019, following table should be used for the Cost Inflation Index :-
Sl. No. Financial Year Cost Inflation Index
(1) (2) (3)
1 2001-02 100
2 2002-03 105
3 2003-04 109
4 2004-05 113
5 2005-06 117
6 2006-07 122
7 2007-08 129
8 2008-09 137
9 2009-10 148
10 2010-11 167
11 2011-12 184
12 2012-13 200
13 2013-14 220
14 2014-15 240
15 2015-16 254
16 2016-17 264
17 2017-18 272
18 2018-19 280
19 2019-20 289
[As amended by Finance Act, 2020]
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