catchwords: indexation
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Whether Flat Purchased Within One Year From The Date Of Sale Would Be Entitled To Claim Exemption U/s. 54?
A right in Flat No. 32G was acquired in May, 2004, which was under construction. For which he made payments in instalments. The said right was sold by him on 3-6-2009 without taking the possession of the said flat.
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From Which Date Indexation Would Be Available?
From the fact it is clear that house is held by the assessee from 1-4-2008 when the possession is received. Therefore indexation would be available from the same date
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How To Compute Cost Of Indexation For Legal Heirs?
Section 49(1) provides that where the capital asset acquired by an assessee by way of inheritance, the cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property acquired it