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Cut of date for LTCG

Budget - By: - CA DEV KUMAR KOTHARI - Dated:- 11-2-2016 - Budget suggestion: Option for Fair Market Value (FMV) be granted for capital assets held for 10 years or more. Present position: At present option to assessee is allowed to take fair market value (FMV) if the capital asset sold was held by the assessee/ previous owner (including period of holding by previous owner from whom it is acquired by way of gift, inheritance , etc.) prior to 01.04.1981. In such cases assessee is allowed an option .....

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ertaining allowable inflated cost of acquisition while computing long-term capital gains for assets transferred during FY 2015-16. If 100% inflation be considered then CII would be 1408 for FY 2015-16 as against allowed at present 1081. The cut of date is very old - more than 35 years. It should have been revised from time to time, however, the approach of authorities, including Finance Ministers in this regard is who care for tax payers. This is evident from the fact that some Finance Ministers .....

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