Anita Kulkarni (Student CA Final ) (166 Points)
01 February 2016
CHETAN SHARMA
(ARTICLE)
(47 Points)
Replied 02 February 2016
1) In case of inherited property COA is the cost of previous owner, so the CII will be based on the FY in which the property was purchased by previous owner.
2)Compulasy acquisition - CII is based on COA not on transfer. In compulasry acquisition we are transfering our property, So CII will be based on the FY in which property was acquired. It is irrelevant that in which year you have received first pymt.
CHETAN SHARMA
(ARTICLE)
(47 Points)
Replied 02 February 2016
1) In case of inherited property COA is the cost of previous owner, so the CII will be based on the FY in which the property was purchased by previous owner.
2)Compulasy acquisition - CII is based on COA not on transfer. In compulasry acquisition we are transfering our property, So CII will be based on the FY in which property was acquired. It is irrelevant that in which year you have received first pymt.
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