CIT v. Manjula J. Shah (2011) 42(I) ITCL 405(Bom-HC

CIT v. Manjula J. Shah (2011) 42(I) ITCL 405(Bom-HC)

Property acquired from previous owner– Indexation whether to be done from year in which previous owner acquired the asset
While computing the capital gains arising on transfer of a 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 became the owner of the asset. – Vide CIT v. Manjula J. Shah (2011) 42(I) ITCL 405(Bom-HC)

Comments

Post a Comment

Popular posts from this blog

“LOAN TAKEN FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?”

TAX TALK-21.01.2013-THE HITAVADA TAX TALK   BY CA. NARESH JAKHOTIA Chartered Accountant “LOAN TAKEN FOR PURCHASE OF PLOT – WHETHER ELIGIBLE FOR HOUSING LOAN DEDUCTIONS?” Query 1] 1.       I have a query. I took a loan from SBI (May, 2012) for Rs. 20,00,000/- for purchasing a residential plot under Govt. scheme. The bank gave me a loan under the realty category. My monthly installment is Rs 24, 465/ but I'm not getting any rebate in income tax. My query is, how I can get the income tax rebate on the interest amount I'm paying to the bank every year. For that, A.                  Do I need to build one room, kitchen and toilet and then start claiming the income tax exemption? Or B.                 Should I go for additional loan from the bank to construct a house? My query is, if I go for "A", will I get the income tax exemption? Or if I go for option "B", will I get exemption on the new loan only or whether it will be addition of t
Read more

“TAX TREATMENT ON SALE OF FACTORY LAND & SHEDS”

TAX TALK-28.04.2014-THE HITAVADA TAX TALK CA. NARESH JAKHOTIA Chartered Accountant “TAX TREATMENT ON SALE OF FACTORY LAND & SHEDS” Query 1] I am a govt. employee. in FY 2013-14, my home loan bank showed interest on home loan as Rs. 28,500/- in provisional income tax certificate whereas actual interest as shown in final certificate is Rs. 2,82,73/-. Please tell me how to pay that extra tax online and also the corresponding challan involved? [N.A. Mahajan- nilay_am@rediffmail.com ] Opinion: 1.       It’s important for the taxpayer to verify the data recorded in the TDS certificate in Form No. 16 vis a vis actual data. 2.       You can pay the tax online by just logging in at www.incometaxindia.gov.in wherein you will have a link for tax payment on the left hand side of the portal with menu as “Pay tax Online”. You can follow the screen wise instructions & can pay the tax. Following points may be of your held while making the payment: a] Use “C
Read more