STI NEWS;"Indexed cost of gifted assets on cost to previous owner"plus 2 more

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• Indexed cost of gifted assets on cost to previous owner
• TIN Verification of Dealers TOLL FREE NUMBER
• 54F AVAILABLE IF HOUSE PURCHASED JOINTLY WITH SPOUSE:HIGH COURT

Indexed cost of gifted assets on cost to previous owner Posted: 04 Dec 2011 12:19 AM PST The assessee's daughter purchased a flat on 29.1.1993 at a cost of Rs.50.48 lakhs. She gifted the flat to the assessee on 1.2.2003. The assessee sold the flat on 30.6.2003 for Rs. 1.10 crores. In computing LTCG, the assessee took the indexed cost of acquisition under Explanation (iii) to s. 48 on the basis that she "held" the flat since 29.1.1993. The AO held that as the assessee had "held" the...

TIN Verification of Dealers TOLL FREE NUMBER Posted: 04 Dec 2011 12:13 AM PST Toll Free Number for TIN Verification of Dealers Registered under Central Sales Tax Act :  1800 2200 17   Steps to be followed for TIN Verification : 1) Please dial the toll free number 1800 2200 17 from a BSNL / MTNL landline phone from anywhere in India. 2) Welcome message will be played by the Interactice Voice Response (IVR) System. 3) The system will prompt you to...

54F AVAILABLE IF HOUSE PURCHASED JOINTLY WITH SPOUSE:HIGH COURT Posted: 03 Dec 2011 11:43 PM PST If you have purchased a property in joint name with your spouse, you can now claim full exemption from long-term capital gain tax when you sell it. Recently, the Delhi High Court held that full exemption under Section 54F of the Income-Tax Act, 1961, should be allowed even if the new property is purchased in joint name, if the tax-payer was the real owner, that is, if he has funded the entire...

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