https://www.taxtmi.com/caselaws?id=211458 The Tribunal held that indexation benefit for long term capital gain should be calculated from the fair market value of the asset as of 1.04.1981, including the period of holding by the previous owner. Regarding the deduction under sec. 54 for investment in residential property jointly held by the assessee and his wife, the Tribunal upheld the decision allowing the full deduction as the entire amount was invested by the assessee, despite the property being jointly held. The revenue's appeal was dismissed. en-us Fri, 27 Jan 2012 00:00:00 +0530 Wed, 20 Apr 2016 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211458 The Tribunal held that indexation benefit for long term capital gain should be calculated from the fair market value of the asset as of 1.04.1981, including the period of holding by the previous owner. Regarding the deduction under sec. 54 for investment in residential property jointly held by the assessee and his wife, the Tribunal upheld the decision allowing the full deduction as the entire amount was invested by the assessee, despite the property being jointly held. The revenue's appeal was dismissed. Case-Laws Income Tax Fri, 27 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211458