An assessee acquired a property through a will in F.Y. 2011-12, which was acquired by the previous owner before 1981 and the same property was sold by the assessee in the F.Y. 2013-14. What cost inflation index will be taken by the assessee for computing indexed cost of acquisition, whether it will be 100 (for 1981-82) or it will be 785 (2011-12) ?
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Capital gains tax
Replies (9)
Consider CII of 2011-12 which is 785 as per relevant section of Income Tax Act 1961.
When a property is acquired by gift or inheritance , the cost inflation index will be the CII for the previous owner . In any other case the CII will be taken as the year when the present owner acquired the property.
Assessee was got by way gift .it wii be taken as per 2011 .-2012 indexation numer as taken.but not get byway of gift as taken indexation numer is 100
Indexation of previous owner will be considered for capital gain computation.
cii will be taken as 100
If any property is purchased before 1981 the CII must be 100
I agree with Miss Madhavi Pandit, cost to assessee in your case will be the cost of previous owner and the cost inflation index of the year in which previous owner acquired the asset would be applied.
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