Go AD-Free with CAclubindia Pro and get Daily WhatsApp Updates. Subscribe Now!

cost of acquisition????

This query is : Resolved

Anand (Querist)
Follow

21 June 2010 Mr.S received gold chain on the occasion of his marriage in 2002-03. Now Mr.S wants to sell the same in 2010. As per section 49 the cost of gold chain for Mr.S should be cost to the previous owner but Mr.S don't remember from whom he got the gift and consequently he is not able to find the cost to previous owner.
Now what should be the cost of acquisition for Mr.S?Should it be nil or the fair value as on 31.3.2003?Please explain.

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
Follow

21 June 2010 COA can not be nil on the ground that he is not able to find the previous owner. Yes you are right FMV on that date can be considered the COA

Message likes : 1 times

Anand

Anand (Querist)
Follow

21 June 2010 THANK YOU but could you please provide me with any section, case study,circular etc. related with the same.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok