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Indexation - House property
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....ndexation - House property<br> Query (Issue) Started By: - Pinki Dated:- 18-9-2008 Last Reply Date:- 22-10-2008 Income Tax<br>Got 3 Replies<br>Income Tax<br>Hi Can please anybody tell me that if a Son has got a property in inheretence after the death of his father.. then From which YEAR Indexation shall be applicable -From the year in which father purchased the House OR the year in Which son got t....
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....he house??? Thanks in Advance.... Reply By V Ramanujam: The Reply: Where the property is acquired by inheritence, then the cost of acquisition of the asset shall be deemed to be the cost for which the previous owner of the property acquired plus cost of improvements if any made - Pl refer Sec.49 of Income tax Act, 1961 Reply By D K KOTHARI: The Reply: There was no transfer (vide S. 47)from fath....
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....er to son as per exclusions statutoriy provided, therefore, holding period has to be considered as continuing- the holding period of previous owner + holding period of legal heir /beneficiary under will/ gift etc. Accordingly period of holding as well as cost will be as per purchase records of father in this case. Please see section 2(42A) with Expl (b), S. 47 and S. 49. The revenue is raising d....
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....isputes about S.48 Exp. (iii) to contend that 'asset was held by assessee...' from date when acquired..' however, on construction of all provisions together, there should not be such dispute. Reply By hirendave: The Reply: In this case,Indexation will be applicable only from the year in which son got the property in inheritance and not from the date of purchase by his father.<br> Discussion Foru....
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