My client has received a property via a gift deed for Rs.4530000/-. Now after some years he sold it to someone for Rs.11000000.
In cases of gift cost to the previous owner is considered for the purpose of calculation of capital gain which is only Rs.164000/- without indexation.
Now my query is whether I can take Rs.4530000/- as part of cost of acquisition or not.
Please help me.
Its urgent.
Please refer the case law as below:
https://www.taxmanagementindia.com/web/View_discussions_detail.asp?ID=1554
Thanks for your reply,
your refers is true and as per the law cost of acquisition will to cost to the previous owner.
But case is a little bit different, I have received a gift for a consideration ( which is inadequate ).
CAclubindia
