Section 49(4) and 49(1)

Akash A (100 Points)

12 April 2023  
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)?