Case Law Details
Case Name : Nitin Parkash Vs DCIT (ITAT Mumbai)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Mumbai
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Nitin Parkash Vs DCIT (ITAT Mumbai)
Conclusion: Assessee was entitled to the benefit of indexation on the total cost of acquisition from the year of allotment of flat dehors the fact that assessee had paid installments over a period of time subsequent to the date of allotment.
Held: The issue before consideration was whether the benefit of indexation on the installments paid for the flat should be allowed from the date of allotment of flat i.e. the F.Y. 2004-05 or assessee was eligible for the benefit of indexation on payment of installments in the year of actual payment. Assessee had computed...
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Author Bio
I booked a flat in 2011 by paying some initial payments. Rest of the payments were made in various years (2011-2019) under construction linked plan and finally the flat was allotted to me in August, 2019 and Registry done in May, 2022. I have sold it in October, 2023.
Do I have to calculate indexed cost of acquisition for every installment (done in 2011-2019) to arrive at total cost of acquisition, and get the benefit of indexation on installment paid before the allotment.
Dear All,
My client is in process of sale of residential house, which was brought 5 years back, he received 17.03.2023 as 3 lacs as token money, he did the sale agreement on 24.03.2023, and the final installment (due to the loan process ) will be received around on 15.04.2023, so when the capital gain point of tax will emerge.
whether a date of the agreement or final installment, please clarify.
thanks