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.
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
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.
CAclubindia
