Indexation of inherent property
This query is : Resolved
11 December 2010
assessee inherent property from his father on his father's death in 1990. his father acquire the property in 1985.
Shall indexation benefit be available from 1990 or from 1985?
pls help
Shall indexation benefit be available from 1990 or from 1985?
pls help
11 December 2010
Indexation benefir will be from 1985
11 December 2010
Indexed cost of acquisition may be calculated with respect to the year 1990 in view of explanation (iii) to section 48 of the Income tax Act,1961.
11 December 2010
thanks
11 December 2010
1990
13 December 2010
The decision of The DCIT, Mumbai Vs Manjula J. Shah (ITA no. 7315/Mumbai 2007) Mumbai ITAT Secial Bench, will help in this case for deciding the year
also following link will help some other discussion
http://www.bcasonline.org/articles/artin.asp?757
also following link will help some other discussion
http://www.bcasonline.org/articles/artin.asp?757
13 December 2010
Bimal Ji
Similar view is taken in Mrs. Pushpa Sofat vs ITO (2001) 81 (ITD) 1.
Since the section is very clear and against the cited decisions, I avoided the citations in my earlier reply.
Similar view is taken in Mrs. Pushpa Sofat vs ITO (2001) 81 (ITD) 1.
Since the section is very clear and against the cited decisions, I avoided the citations in my earlier reply.
22 December 2010
thanks
22 December 2010
Explanation (iii) to 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;
22 December 2010
first thing, inheritance is not transfer.
and second "Cost Inflation Index for the first year in which the asset was held by the assessee"
as per judgments as given above first year should be that year in which a person whether the assessee or the previous owner or again previous owner received that asset by way of TRANSFER, not by way of gift, inheritance etc.
and second "Cost Inflation Index for the first year in which the asset was held by the assessee"
as per judgments as given above first year should be that year in which a person whether the assessee or the previous owner or again previous owner received that asset by way of TRANSFER, not by way of gift, inheritance etc.
22 December 2010
we should look into the true intention of the law.
now the question is why this explanation is added to this section.
now the question is why this explanation is added to this section.
01 August 2024
https://docs.google.com/document/d/1gwK-4AT8JoRH1Hb9qDD3eOiq9gGjksdTj-bu_tNRqWQ/edit?usp=sharing
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Is online PGCE worth it?
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
