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TMI BlogIndexation on cost of acquisitionX X X X Extracts X X X X X X X X Extracts X X X X ..... X booked a flat in year 1995 and paid the advance of Rs. 20,00,000/-. Registary deed made on 2001 of Rs. 40,45,000/-. property sold out in 2006. While calulating Capital Gain, Indexation on cost of acquisition should be done from 1995 or 2001? - Reply By Surender Gupta - The Reply = when you book the flat and paid Rs. 20,00,000 you got the right to acquire the flat in 1995. But the year in which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the flat was transferred to you, you got the right converted into immovable asset. Considering that you got the possession in 2001 and got the flat registered in 2001, your ownership starts from 2001 only. Therefore, you must calculate your capital gain by taking the cost of Indexation for 2001 and 2006 only. - Reply By DEV KUMAR KOTHARI - The Reply = Date of booking 1995- not relevant. Date of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... possession ?? Date of registry 2001- amt. 40.45 lakh- whether it is full consideration or stamp authorituies valuation. 1995 or 2001 both may not be relevant. Cost and its CII will relate back to the date of possession, even if some amount was due, to be paid on registry, liability has accrued and credit facility is availed on day of possession . So consider actual cost, date of possession and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant CII. Always full facts must be given withe own views. - Reply By Rahul Gupta - The Reply = IN MY CASE ASSESSEE SIGNED BUYER'S AGREEMENT IN 1995 and got the possession in 2001. Also please refer to case Mrs. Shakuntala Devi VS DDIT-bangalore-TIOL-221-ITAT. INCOME TAX CASE-SEC 54-ASSESSEE SELLS HER FLAT -MAKES CAPITAL GAINS-SIGNS AN MOUWITH A SELLER OF A PROPERTY AND TRANSFERS SUNSTANT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IAL PART OF TOTAL CONSIDERATION-CLAIMS EXEMPTION U/S 54-AO DISALLOWS EXEMPTION ON THE GROUND THAT THE ASSESSEE HAD NOT GOT OWNERSHIP OF THE PROPERTY WITHIN THE TIME-LIMIT OF 2 YEARS -ASSESSEE ARGUES THAT THE CAPITAL GAIN MADE HAD BEEN TRANSFERRED TO THE SELLER OF THE PROPERTY BEING PURCHASED AS PER MOU AND WAS ELIGIBLE FOR EXEMPTION- HELD, TRANSFER OF PROPERTY,POSESSION OR OWNERSHIP HAVE NOTHING T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O DO WITH THE CASE AS LONG AS THE SUM OF CAPITAL GAINS STAND TRANSFERRED TO THE SELLER FOR PURCHASE OF A NEW FLAT AS THIS FULFILLS THE CONDITION OF SEC. 54-ASSESSEE'S APPEAL ALLOWED: BANGALORE ITAT Please Advice and Thanks for your lot of Concern. Regards - Reply By ASHOK CHOUDHARY - The Reply = Capital Gain will be calculate from year 2001. As small right ( booking ) to acquire a flat merged int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o larger right (as registration of the flat in the year 2001). The small right ( booking flat ) upon a merger would loose its existance. In simple reply registration of flat is bigger than booking of flat so capital gain will be calulate from the date of registration - Indexation on cost of acquisition - Query Started By: - Rahul Gupta Dated:- 12-2-2010 Income Tax - Got 4 Replies - Income Tax - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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