X tranfers his tenancy rights to Y in 1968 , then in 2009 Y sells that property will Y get the benefit of INDEXATION at the tim of sale. plz giv me wid a refrence of case law supporttin dat indexation wil be given.
7 Replies
Dhawal Mohnot
(Practicing)
(449 Points)
Replied 18 March 2010
indexation wil be taken as 100 which is the index for the year 81. (Starting point of the indexation).
Amitkumar Joshi
(CA Final)
(30 Points)
Replied 18 March 2010
my ques is will indexation will be provided . i got a letter frm CIT statin dat der will be no indexation given . so plz assist me wid a reference of case law.
CA Shiv
(Business Controller)
(2987 Points)
Replied 18 March 2010
Hello,
My first question is: Did Y (tenant) really sold off the property? I mean wat about the owner....
If Y is really a tenant and sold off than wat amount is shown as Purchase price?
After than only question of Indexation will come...
C.Balaji
(Learner)
(1867 Points)
Replied 18 March 2010
Dear Friend........
X transferred his Tenancy right not the ownership right to Y ......How can Y sell the property with just Tenancy right....???
Who is the owner of the property?????
Please elaborate ur query.........
CA Shiv
(Business Controller)
(2987 Points)
Replied 18 March 2010
Yes exatly i thought.. It cannot be ownership right.... It has to be tenancy right only.....
If its tenancy right than it will be considered as a regular income and no indexation to be provided.
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