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Tax on sale of inherited property as gift

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This query is : Resolved

ashvini dehkwal (Querist)

16 February 2024 Sir I received 6 lakh worth of property from my aunt (her paternal property) as gift deed. Now I wish to sell the same at the rate of 50 lakh. Please advise my tax liability

CA.Pujah

CA.Pujah (Expert)

19 February 2024 cost of acquisition of the asset shall be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the asset incurred or borne by the previous owner or the assessee, as the case may be, till the date of acquisition of the asset by the assessee.
If the previous owner had also acquired the capital asset by any of the modes above, then the cost to that previous owner, who had acquired it by mode of acquisition other than the above, should be taken as cost of acquisition.

Where the cost for which the previous owner acquired the property cannot be ascertained, the cost of acquisition to the previous owner means the Fair Market Value on the date on which the capital asset became the property of the previous owner.

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