Case Law Details
Case Name : ITO Vs Pritendra C. Jhaveri (ITAT Mumbai)
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ITO Vs Pritendra C. Jhaveri (ITAT Mumbai)
Since the expression ‘held by the assessee’ is not defined under section 48, the same has to be understood as defined under Explanation 1(i)(b) to section 2(42A) which provides that in determining the period for which an asset is held by assessee under a gift or will the period for which the asset was held by the previous owner would be included. Accordingly, indexed cost of acquisition was to be computed with reference to the year in which previous owner first held the asset and not the year in which assessee inherited the property.
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Is the above decision is applicable if one purchased a flat on resale. Suppose Mr. A purchased a flat in 2001-02. He sold the flt to Mr. B in 2007-08. Mr. B sold the flat in 2017-18. What will be the base year for LTCG tax for Mr. B – 2001-02 or 2007-08?