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Cost for hakku patra property

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(Querist)
24 July 2022 Mr A has acquired land under hakku patra property. The cost of acquisition is zero in his books and it is now gifted to son. The cost in the books of son will be zero or should be recorded at market value
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
24 July 2022 If Mr. A acquired the property before 2001, then the FMV as on 01.04.2001 can be considered as COA.

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