Capital gain
Querist : Anonymous
He pays gift tax on property received as gift under income from other sources.
After six months the assessee sells the Land received as Gift for Rs 35,00,000.
What will be his Capital Gain Tax ?
Will his acquisition cost be taken as Rs 29,00,000 on which he paid tax or the cost price will be the one paid by his Friend when he purchased the land.?
Period of holding counted from the date of acquisition by friend.
Querist : Anonymous
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