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2016 (8) TMI 19 - AT - Income TaxDate of indexed cost of acquisition of the property devolved on the assessee on the date of death of the assessee’s father or the date on which the assessee’s father had become owner of the property - Held that:- When computing the capital gain arising on transfer of capital asset acquired by the assessee under a gift, the indexed cost of acquisition has to be computed with reference to the year in which the previous owner first held the asset and not the year in which the assessee becomes the owner of the capital asset. In view of the above, we are of the opinion that the cost of indexation to be computed from the year in which the assessee’s father had become owner of the property. Accordingly, capital gain is to be computed. This ground is allowed. Capital gain bonds under sec.54EC - Held that:- In any event, from a reading of section 54EC(1) and the first proviso, it is clear that the time limit for investment is six months from the date of transfer and even if such investment falls under two financial years, the benefit claimed by the assessee cannot be denied. See CIT v. Jaichander [2014 (11) TMI 54 - MADRAS HIGH COURT]
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