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Capital gain tax
the indexed cost of sale of gifted or inherited land and building
Replies (1)
As per section 49 of the income tax act, the cost of acquisition for such a type of transfer of the asset would be the cost of the previous owner (i.e. the cost of the asset to the person who gifted the above property) and making additions of cost of any improvement incurred on the asset by the person gifting the asset as well as the person to whom the asset is gifted.
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