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2020 (4) TMI 560 - AT - Income TaxCapital gain on the sale of inherited property - indexed cost of acquisition to be computed with reference to the year in which the previous owner first held the asset OR year in which the assessee became the owner of the asset - HELD THAT:- In the present case, admittedly, the assessee inherited the property on the death of her parents. Therefore, the assessee is entitled for the benefit of indexation cost from the date of acquisition of asset or from 01-04- 1981. The ld CIT(A) while passing the order followed the ratio of decision of Manjula J Shah ( [2011 (10) TMI 406 - BOMBAY HIGH COURT] - No infirmity in the order passed by Ld. CIT(A). In the result the first issue is decided in favour of assessee. Benefit of exemption u/s 54 in case residential house is purchased outside India - CIT (A) granted relief to the assessee by following the decision of Hon’ble Gujarat High Court in Leena J Shah [2016 (12) TMI 351 - GUJARAT HIGH COURT] - HELD THAT:- CIT(A) held that amendment in exemption in incorporating the word “ constructed one residential house in India” in section 54F is inserted by Finance Act 2014 and applicable w.e.f . 01-04-2015 and accordingly would apply from 2015-16. The case of the assessee relates to AY 2013- 14. Therefore, the amendment brought by Finance Bill (No.2) Act, 2014 is not applicable in the case of assessee. Similar view was taken by Hon’ble Gujarat High Court in Leena J Shah [2016 (12) TMI 351 - GUJARAT HIGH COURT]and CIT vs Smt. VK Karapagam [2014 (8) TMI 899 - MADRAS HIGH COURT] and Mumbai Tribunal in DCIT vs Shah Rukh Khan [2018 (6) TMI 147 - ITAT MUMBAI]. - Decided against revenue
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