ifos

Direct Taxation

in illustration 1 wen mr.A sells his plot in faridabad why shouldnt we consider period of holding of previous owner.

Devi Kiran

CA Inter

★ 0

10-Mar-22 10:27

570

Answers (5)

When B transferred the plot to A - It is taxed under Income for other sources to Mr. A So, when Mr. A sold the plot - the cost of acquisition will be the amount that was taxed under Income from other sources. (i.e., Rs. 5 Lakhs)

Yoga Vishnu

CA Final

★ 11K+

10-Mar-22 10:51

Yoga Vishnu

MY QUZ IS DIFFRNT

Thread Starter

Devi Kiran

CA Inter

★ 0

10-Mar-22 11:12

If we are not taking cost of acquisition of previous owner, then period of holding also not be considered

Yoga Vishnu

CA Final

★ 11K+

10-Mar-22 12:00

Yoga Vishnu

If we are not taking cost of acquisition of previous owner, then period of holding also not be considered

where is it mentioned

Thread Starter

Devi Kiran

CA Inter

★ 0

11-Mar-22 19:26

Refer Section 49(4).

Yoga Vishnu

CA Final

★ 11K+

14-Mar-22 10:35

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