Capital gains;indexation benefits

A P Singh (Querist) 07 September 2013 This query is : Resolved
SIRS,
Land was purchased by my grandfather in 1973.After his death it devolved upon my father and after my father's death in 2009 it devolved upon me after partition between me and my brothers in 2010.I sold a part of it in fy 2012-13.From which year indexation benefit available to me 1981-82 or 2009-10 when my father passed away or 2010-11 when the land was allotted to me in family partition.
pl. respond
thanks in advance

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B.Chakrapani Warrier (Expert) 08 September 2013
As per the act, year of indexation is 2010-11.
But there are court decisions , one cited below among others, contrary to that meaning thereby 1981-82 can be taken.

Ms. Puspa Sofat's case reported in 81 ITD 1.

Rajendra K Goyal (Expert) 08 September 2013
Consult your tax adviser.

Raj Kumar Makkad (Expert) 09 September 2013
If the year of year of acquisition of the property is taken 1981-82 then no tax liability is fastened upon you.

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