My client have some ancestral gold. Now he is selling this gold. So what would be the cost of acquisition for calculating capital gain ?
Whether it should be NIL or FMV as on 01.04.2001 because as per section 55 there is a option available for assessee to take FMV as on 01.04.2001 as cost of acquisition.
Thank you.
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Capital gain on sale of ancestral gold
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Where the capital asset is acquired before 1.4.2001
cost of acquisition would be
1.cost of acquisition to the assessee or
2.fmv as on 1.4.2001
at the option of assessee (whichever is beneficial,take higher amount)
cost of acquisition would be
1.cost of acquisition to the assessee or
2.fmv as on 1.4.2001
at the option of assessee (whichever is beneficial,take higher amount)
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