CIT v. Manjula J. Shah (2011) 42(I) ITCL 405(Bom-HC

CIT v. Manjula J. Shah (2011) 42(I) ITCL 405(Bom-HC)

Property acquired from previous owner– Indexation whether to be done from year in which previous owner acquired the asset
While computing the capital gains arising on transfer of a capital asset acquired by the assessee under a gift, the indexed cost of acquisition has to be computed with reference to the year in which the previous owner first held the asset and not the year in which the assessee became the owner of the asset. – Vide CIT v. Manjula J. Shah (2011) 42(I) ITCL 405(Bom-HC)

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