Date of acqusition

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Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2015 Dear experts in one the case, father settled the property two one of the two brothers in 2000 and in turn this elder brother settled this property to his younger brother in the year 2006 and this younger brother settled the same property to his wife in the year 2012.
Now wife is selling this property.
What is the date of acquisition? for the purpose of capital gains tax
pl clarify

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

20 February 2015 According to the provisions of income tax law, in case a property is obtained by gift, will or inheritance cost of acquisition and period of holding for previous owner shall be taken into account. It has also been clarified that 'previous owner' means an last previous owner who has not acquired property by way of gift, will or inheritance i.e. by the same mode. Therefore in the given case all the previous owners except father have acquired the property by will or inheritance therefore cost of acquisition to father will be taken into account and period of holding shall also be from 2000 ie. the date of acquisition of father.

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