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Capital gain

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(Querist)
20 March 2012 I WISH TO KNOW WHAT WOULD BE THE COST OF ACQUISITION FOR THE PROPERTY WHICH GOT BY GIFT FOR EXAMPLE

IF I RECEIVED A GIFT OF RESIDENTIAL PROPERTY IN THE YEAR 2009 AND SAME IS SOLD IN 2010-11 FOR RS 1200000/-, SO WHILE CALCULATING THE CAPITAL GAIN WHAT IS THE COST OF ACQUISTION FOR CALCULATING THE CAPITAL GAIN

KINDLY GIVE ME THE RULE AND SECTION
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
20 March 2012 COST TO PREVIOUS OWNER THAT IS THE PERSON MAKING THE GIFT WILL B UR COST SEE SECTUION 49
CA MANOJ GUPTA
JODHPUR
09828510543
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CA Raju Sinha

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CA Raju Sinha (Expert)
20 March 2012 Dear Raghvan ,

U/Sec 49(1) , IF ANY PROPERTY IS ACQUIRED UNDER GIFT , COST TO THE PREVIOUS OWNER IS DEEMED TO BE THE COST OF ACQUISITION TO THE ASSESSEE .......
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