Capital Gains

Hi

1. The Cost of acquisition in this case will be the fair market value at the time of purchase.

2. COA will be the amount paid by Y

3. There is no such provision relating to AO denying the claim of COA.

Lets see what others have to answer.......

I THNK MY FRIEND POONAM IS RITE...

Yup Poonam is right...

One more additions sir...In the first case if the asset was originally acquired before 1/4/81 u can consider the fair value as on the date of purchase or as on 1/4/81 which ever is higher as cost of acquisition.. and if ur talking abt acquisition 20 years from now this doesnt have any relevance too...

"u can consider the fair value as on the date of purchase or as on 1/4/81 which ever is higher as cost of acquisition..".......

Its COA on the date of purchase or FMV as on 1/4/81 which ever date is later for the first case... We can explain that the asset is purchased through drawings if the money is paid out of cash...

For the Second Case it is Cost to the Previous Owner...

For the Third Case Poonam is right..

yes S. ramkumar is right