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Section 49(4) and 49(1)
About 6 years ago, no tax was paid under section 56(2)X on gifted capital asset received worth 2.7 Lacs. Now my question is whether cost of acquisition be NIL as per sec 49(4) since no tax was paid under 56(2)X that time OR will it be 2.7 Lacs as per sec 49(1)?
Replies (3)
Gift received from blood relation then no tax applicable.
Gift was received from friend who is non relative.
COST WILL BE NIL
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