2020 (11) TMI 207

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....sue that arose for consideration in the aforesaid appeal was with regard to computation of long term capital gain. Three aspects of computation of long term capital gain was required to be examined in the appeal viz.:- i) Denial of exemption u/s. 54 of the Act; ii) adoption of guideline value u/s. 50C of the Act; and iii) not granting indexation benefit from the year in which property was acquired by the previous owner as the assessee got the property way of gift. The benefit of indexation was granted only from the year in which the assessee got the property way of gift. 3. The Tribunal in the order dated 30.12.2019 allowed the benefit of exemption u/s. 54 of the Act and further observed in the order that si....

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....g the long term capital gain. The Registry is directed to post the appeal for hearing in due course with notice to the parties." 5. Accordingly the appeal was taken up for hearing on the issue. We have heard the rival submissions. As far as the issue of allowing benefit of indexation is concerned, the facts are that the property which was subject matter of transfer was purchased by the father and mother of assessee under a Sale Deed dated 15.9.1980. The property was given by way of gift by the assessee on 15.3.2006. The AO allowed the benefit of indexation only from AY 2005-06 taking a view that benefit of indexation will be available only from the period when property was given by way of gift to the Assessee. It was the plea of assessee....