Under Construction Property – Indexation as per year of payment

Lakshman M. Charanjiva Vs ITO (ITAT Mumbai) Indexation benefit against the cost of acquisition shall be available to the assessee on the basis of index of the year in which the payments were actually made by the assessee. The payment made up-to the date of agreement i.e. 18/10/2007 shall be indexed by applying the index for Financial Year 2007-08. Accordingly, subsequent payments made in different financial years shall be indexed by applying the respective indexes of those years. FULL TEXT OF THE ITAT JUDGMENT 1. Aforesaid appeal by assessee for Assessment Year [AY] 2013-14 contest the order o...