Section: 49
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What Is The Date Of Acquisition Of Plot?
For the purpose of capital gain at the time of sale of allotted plot, the date of allotment of plot would be considered as date of acquisition.
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What Is The Date Of Acquisition?
The date of acquisition of plot of land allotted by the local authority on surrender of agricultural land would be 2012, as section 49 r.w.s. 2(42A) of the Act would not be applicable to such
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Whether Inherited Property Sold Is Liable To Tax As Short-term or Long-term?
Section 49(1) of the Income-tax Act, 1961 prescribes for cost with reference to certain modes of acquisition. The section reads as under: “Where the capital asset became the property of the assessee