Indexation when property is settled through irrecovable deed

saikrishna (Querist) 20 October 2014 This query is : Resolved
A property has been actually bought by a person in 1980. He transferred to his son in 2012 by an irrevocable deed of settlement. The property is being sold in 2014 by the son. from when can the son enjoy indexation benefit from 1981 (or) 2012 ?

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Anirudh (Expert) 20 October 2014
From the year 1981. Please see Section 49(1) of the income tax act.

Rajendra K Goyal (Expert) 20 October 2014
Consult your tax consultant.

Devajyoti Barman (Expert) 21 October 2014
Taxation query.

T. Kalaiselvan, Advocate (Expert) 22 October 2014
agreed with expert Mr. Anirudh, the provisions of the said section with sub section (1)(iv) clearly states that "the cost of the acquisition of the assets shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets incurred or borne by the previous owner or the assessee, as the case may be."
If further clarifications required, a local tax consultant may be approached for further advises.

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