vinay sharma (CA final (Article)) (327 Points)
16 February 2011hello every one......i posting this topic becoze i m confused in capital gain situation
the situation is, A father have a house purchased in 1/5/1988 for Rs. 175000/- and gift to his son in 1/8/2010
and son sale the same house for rs. 20 lakh in 12/1/2011. now the question is wether the indexation benefit of 1988
is given to son or not with the puchase price i.e. 175000/- ? pls post the ans. with sec. notification no, case etc.
CA SALONI
(CHARTERED ACCOUNTANT)
(391 Points)
Replied 16 February 2011
hi vinay
the cost of acqui in sons hands would be 175000 after indexation
Himansu Sekhar Pati
(CA Final)
(208 Points)
Replied 16 February 2011
Cost of Acquisition will only be 1,75,000/-
And indexation benefit will be available from 01/08/2010.
AVIJIT
(CA FINALIST)
(370 Points)
Replied 16 February 2011
For indexation the period will be from 1/8/10 but as it is not LTCG so there wil be no indexation allowed
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
CAclubindia
