Defining the cost of acquisition in case of certain assets for computing capital gains BUDGET 2023-24 MEMORANDUM EXPLAINING THE PROVISIONS IN THE FINANCE BILL, 2023 The existing provisions of the section 55 of the Act, inter alia, defines the ‘cost of any improvement’ and ‘cost of acquisition’ for the purposes of computing capital gains. However,… Read More »
The property in question was an ancestral property which was inherited by the Assessee from his ancestors. AO View Point :- Observation of the AO was that on verification of the sale deed, it was found that the Assessee had acquired 1/6th share of “Babulal Group and another 1/6th share of Bansilal Group” respectively on… Read More »
Question : How to Calculate Capital Gain in case of inherited property ? Answer : Capital gain in case of inherited property is to be computed by taking CII of the year in which asset is acquired by previous owner As per section 49 where capital asset became property of assessee by succession or inheritance, then… Read More »