Property from ‘Will’ eligible for cost indexation from first owner’s acquisition date

ITO Vs Sohrab Fali Mehta (ITAT Mumbai) Mumbai ITAT holds that while computing capital gains arising on transfer of a capital asset received by the Assessee under a will, the indexed cost of acquisition has to be computed with respect to the year in which the first owner held the asset; Relies on jurisdictional High Court ruling in CIT v. Manjula J Shah (355 ITR 474 (Guj.) on the same issue in the context of a gifted asset and CBDT Circular No. 636; For Assessment year 2016-17, Assessee, a US resident, filed return of income declaring a total income of Rs.15.02 Cr including long term capital ga...