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INTERESTING ISSUE ON COST OF ACQUISITION

Cost Inflation Index for FY 2011-12 notified at 785 reflects a rise of 10.4% over last year’s 711              Readers are aware that for purposes of computation of long term capital gains, a taxpayer is entitled to compute Indexed Cost of Acquisition, which is determined with reference to the Cost Inflation Index (CII) notified by the Government for the relevant financial year.              Vide its Notification...

TAX PLANNING VIA WILL

Plan tax-friendly distribution of properties to reap valuable tax savings for your family!                      Through execution of a Will, a person can ensure that useful tax planning benefits are availed of by his legal heirs after his death. It is common to see a testator wishing to distribute his properties amongst close members of his family.                     When a father executes a Will, he may want to...

IS HOUSE UNDER CONSTRUCTION LIABLE TO WEALTH TAX?

P & H High Court answers this interesting question in favour of the taxpayer!                     What would be the position regarding the taxability under Wealth-tax in respect of a building under construction? Can the Department tax the value of construction incurred for the incomplete building or contend that the value of such land on which the building is under construction is liable to Wealth-tax?...

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