Here is how to calculate indexation benefits for gifted assets sold later

Calculation of indexation benefit for assets that are gifted and sold later has long been a contentious issue between the income-tax department and taxpayers. Sample this: A person sells a house that his father gifted him in 2010. But the property was purchased in 2001. Now, when calculating indexation benefit, should the son consider the date when he received the property as a gift or the date when his father purchased it? Mumbai’s Income Tax Appellate Tribunal (ITAT) recently ruled that taxpayers should be allowed to calculate indexation benefit from the date the original owners .....

Key stories on are available to premium subscribers only.

Already a premium subscriber?

Subscribe to get an across device (Website, Mobile Web, Iphone, Ipad, and Android Phone applications) access to Premium content, Breaking News alerts, Industry Newsletters, Stock and Corporate news alerts, access to Archives and a lot more.