Taxability of Real Estate transactions

Capital asset acquired u/s 49
• Explanation (iii) to Section 48:
Indexed cost of acquisition means an amount
which bears to the cost of acquisition the same
proportion as Cost Inflation Index for the year in
which the asset is transferred bears to the Cost
Inflation Index for the first year in which the asset
was held by the assessee or for the year begining
on the 1-4-811
which ever is later.
• Date from which indexation to be done
• From the date of acquisition of the previous owner;
Pushpa Sofat 81 ITD 1 (ITAT-Chd
Chd)
• From the date of inheritence; Kishore Kanungo 102
ITD 437 (ITAT-Mum)