[aaykarbhavan] Deeming fiction of Sec. 50C not be considered while computing exemption under Sec. 54

Deeming fiction of Sec. 50C not be considered while computing exemption under Sec. 54

April 21, 2015[2015] 56 taxmann.com 205 (Indore - Trib.)

IT : When a property is acquired by inheritance, cost of acquisition and period of holding of previous owner is to be taken as cost and holding period of assessee

IT : In absence of evidence renovation expenditure could not be allowed as part of cost of acquisition

IT : While allowing deduction under section 54 from long term capital gain, section 50C was not applicable

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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