9911796707
TMI Blog2023 (4) TMI 1042X X X X Extracts X X X X X X X X Extracts X X X X ..... rties in the present appeal is in relation to deduction claimed on account of indexed cost of acquisition for the purpose of computing long term capital gain. 3. Briefly the facts are, the assessee is a non-resident individual. In the financial year relevant to the assessment year under dispute, the assessee had sold an immovable property, being residential flat no. A-501, Park View SPA, Village Fatehpur, Sector-47, Gurgaon, Haryana through registered sale deed dated 29.03.2019 for a consideration of Rs.2,10,00,000/-. After deducting an amount of Rs.2,09,54,863/- towards indexed cost of acquisition under section 48 of the Act, the assessee offered long term capital gain of Rs.45,137/- in the return of income filed for the impugned assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , revising the addition on account of long term capital gain to Rs.25,96,679/-. 4. Before us, learned counsel appearing for the assessee submitted that the residential flat was allotted to the assessee vide allotment letter issued on 12th December, 2005. He submitted, beginning from financial year 2005-06 till financial year 2014-15, the assessee has made payments towards purchase of the flat aggregating to Rs.1,16,90,311/-. Thus, he submitted, since, the allotment letter was issued in favour of the assessee in respect of a specifically identifiable property in the financial year 2005-06, the assessee is entitled to claim indexed cost of acquisition based on payments made in each financial year beginning from financial year 2005-06. In sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following manner: Financial Year Amounts 2005-06 19,22,704 2006-07 9,62,359 2008-09 25,000 2009-10 26,46,084 2010-11 22,14,231 2011-12 11,11,776 2012-13 12,87,047 2013-14 10,07,111 2014-15 5,14,000 Total 1,16,90,311 7. Thus, from the aforesaid facts, it is very clear that in the allotment letter not only a specifically identifiable residential flat was allotted to the assessee but the assessee had made payments in accordance with the terms and conditions of the allotment letter. In Circular No. 471, dated 15.10.1996, the Central Board of Direct Taxes (CBDT) has clarified that in respect of flats allotted under the self-financing scheme of the Delhi Development Authority (DDA), the date of issuance of allotment le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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