Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (4) TMI 913 - AT - Income TaxCalculation of Capital gain - Non consideration of the holding period of previous owner - Befefit of indexation - inherited the property - assessee entered into a collaboration agreement with a builder - assessee ground floor out of the building made by the builder and in addition to that builder also paid ₹ 21 lacs to the assessee - Held that:- Almost similar were the facts in the case of Janhavi S. Desai [2012 (7) TMI 496 - BOMBAY HIGH COURT] - the actual date of acquisition must be considered for calculating the capital gain. - the date on which the assessee inherited the property to be the relevant date and accordingly recomputed the capital gain. Scope of sec. 2(42A) of the Act - Explanation I only determines the holding period of an asset for the purpose of short term capital gains and has no application to long term capital gain for the assessee to get the benefit of indexation? - the period of holding shall be from 01.04.1981 in respect of the entire property where property was acquired by the previous owner before 1.4.1981. Similar view has been expressed by the Hon'ble jurisdictional Delhi High Court in the case of Arun Shungloo Trust [2012 (2) TMI 259 - DELHI HIGH COURT]holding that the assessee trust having acquired the property in trust on 05.01.1996, which property was acquired by the previous owner sometime before 01.04.1981 on sale of property by the assessee in 2001-02, it was entitled to the benefit of indexed cost of acquisition from 01.04.1981 and not for the period on or after 05.01.1996. The ratios laid down in these decisions also support the finding given by the Learned CIT(Appeals) on the issue. We thus do not find any reason to interfere with the first appellate order in this regard. The same is upheld. The grounds are accordingly rejected. - Decided against the revenue.
|