Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 March 2014 While calculating capital gain tax ,in case of land belongs to wife of value RS 35000 in the AY 2007-08.
received by husband for a consideration of RS 9000 in AY 2009-2010.
Land was sold for RS 500000 in the AY 2013-
14.
Now what is the Cost of acquisition of such land

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 March 2014 in my view, the cost of acquisition should be Rs 9000 as the said asset was not gifted or inherited but transferred for a consideration ie 9000.

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