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Income Tax - Highlights / Catch Notes

Home Highlights April 2024 Year 2024 This

LTCG - Determination of Fair Market Value (FMV) - The Assessing ...

Income Tax

April 25, 2024

LTCG - Determination of Fair Market Value (FMV) - The Assessing Officer and the Commissioner of Income Tax (Appeals) accepted the fair market value of the property as on April 1, 1981, as calculated by the registered valuer. However, they failed to apply indexation benefits to the cost of acquisition while determining long-term capital gain. The Tribunal observed that the indexed cost of acquisition should have been considered, which would have resulted in long-term capital loss, as it exceeded the sale consideration.

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