Calculation of cost of indexation in case of gifted or inherited capital asset

0 comments Tuesday, February 21, 2012

Bombay High Court has held in following case that benefit of indexation shall be available from the year when previous owner acquired a capital asset in case such capital asset is acquired under a gift or will.

In this case assessee acquired the capital asset under a gift. The donor acquired the capital asset on 29-01-1993 whereas the capital asset was gifted to the assessee on 01-02-2003 and the assessee sold such capital asset on 30-06-2003. 
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