Cost of acquisition

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2015 What shall be the cost of acquisition in case of sale of asset acquired by relinquishment of right? No amount is paid at the time rights were relinquished to me.
Can the cost to previous owner be taken in this case u/s 49(1).

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

25 February 2015 Prima facie, your case does NOT fall under any of the modes referred in section 49(1)

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2015 what if the same is been acquired at the time of death of father and the sister is relinquishing her right to brother for no cost.The brother is selling both the share of himself and her sister.cost of acquisition shall be the cost to his father for whole share or only for the brothers share???

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

04 March 2015 1. For the share bestowed by father on his death, cost to previous owner is to be substituted.
2. The relinquishment case does not fall under 49(1)
3. "At the time of death of father" AND "on the death of father" Hope you note the difference between these two phrases

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