31 August 2023
MR. A HAS SOLD A RESIDENTIAL PROPERTY IN F.Y. 2022-23 WHICH WAS RECEIVED BY HIM AS A GIFT IN F.Y. 2021-22. HOWEVER, MR. X WHO GIFTED THE PROPERTY TO MR. A ALSO RECEIVED THAT PROPERTY VIA GIFT IN F.Y. 2021-22.
NOTE: THE GIFT TRANSACTIONS DISCUSSED ABOVE ARE BETWEEN BLOOD RELATIVES.
QUESTIONS: 1) WHAT WILL BE COST OF ACQUISITION FOR ARRIVING AT THE CAPITAL GAINS FOR MR. A GIVEN THE FACT THAT THE PREVIOUS OWNER (MR. X) ALSO RECEIVED THAT PROPERTY AS A GIFT? 2) WHAT WILL BE THE PERIOD OF HOLDING TO BE CONSIDERED FOR CAPITAL GAINS CALCULATION IN CASE OF MR. A?
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