Oct 17, 2023
The Polyphonic Spree | Shadows On The Hillside (Section 48)
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The Polyphonic Spree | Shadows On The Hillside (Section 48)
Litigation and electricity charges incurred to improve valuation of property are allowable in Calculation of Capital Gain
Litigation and electricity charges incurred to improve valuation of property are allowable in Calculation of Capital Gain
CA Sandeep Kanoi
ITAT Delhi has held in the case of Smiti Golyan Vs. ITO that As per provisions of sec. 48 of the I.T. Act in case of acquisition of the property by way of gift or inheritance the cost of acquisition of the property will be the same as in the hands of the original owner/ transferor/donor. The cost of acquisition includes the cost of improvement of the property which includes the…
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In case of gifted assets index to be taken of the year in which acquired by previous owner
Indexed cost of gifted assets has to be determined with reference to previous owners. 55(1)(b)(2)(ii) provides that where the capital asset became the property of the assessee by any of the modes specified under s. 49(1), not only the cost of improvement…
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