what is the cost inflation index for fin . year 2007-08, 2008-09?
date of transfer for acquisition under income tax act
whether
1. date of payment
2. date of agreement
3. date of possession of flat
please provide case laws
V Ishu Hegde 25 February 2009
what is the cost inflation index for fin . year 2007-08, 2008-09?
date of transfer for acquisition under income tax act
whether
1. date of payment
2. date of agreement
3. date of possession of flat
please provide case laws
mehul (business) 26 February 2009
date when the first payment is received towards the sale. can be advance also.
cost index for 2008-09 is 582 and 2007-09 is 551
GOPAL (ADVOCATE) 01 March 2009
Genarally capital gain is taxable in the year in whcih capitalasset is transferred.Different rules are applicable in the case of movable/ immovable assets. 1.Immovabe :- (a) if registered: date of execution or registration (b) if not registered( vide Alapati Venkatataramiah vs. cit (1965)57ITR185(SC) : accoring to sec 53a of TP act. which recquired to fulfill 3 conditions viz: (i) There should be a contract in writing (ii) transfree has paid consideration or willing to perform his contract (iii) transfree has possession of property. 2.Movable :-Title of movable property transfer at the time when property is delivered.
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