26 November 2015
Father of X bought piece of land in 1984-85 which he gifted 2 His son in 1998-99.
The son transfered the land in AY 2015-16.Cost of land was 2L.What will b the Inexed C.O.A??
1. 2L*1024/CII of 84-85
Or
2. 2L*1024/CII of 98-99
27 November 2015
Option 1 is right. As it is being gift what it costed to the father and date of purchase of father is to be considered for capital gain working.
CAclubindia
