Gift is not a transfer so go with 1981 both for holding period and indexation...
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Indexation rate
COST OF INDEXATION OF THE YEAR 1995-1996.....
AS THE PROPERTY IS ACQUIRED ON BY MR. B ON APRIL 1,1995
Indexation as well as period of holding since its acquisition by the previous owner or 01.04.1981 whichever is later.
Dear all
Why all of you try to interprete the law in your own way when the law is clearly stated in sectin 49 of the Income-tax Act, 1961.
Read the section and understand the matter then only put your thought in writng.
Best Wishes
Sathikonda
Dear Mr. Sathikonda, Law is ambiguous on this point. The only judgment which favors the assessee is of the Punjab & Haryana High Court in the case cited as Pushpa Soft v ITO (2002) 81 ITD 1 (Chd.)(SMC).Any further comments will be highly solicited.
Dear Mr.Ram Kumar Goel
Thank you for your feed back.
Best Wishes
Sathikonda
use index of financial year 1981-82 i.e. 100
Indexation will start from the year in which the the capital asset was transferred to the assessee by way of 49(1) mode.. hence in this case cost inflation index for 1995-96 will be the denominator..
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