Capital gain

This query is : Resolved

Raghavan (Querist)
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20 March 2012 I WISH TO KNOW WHAT WOULD BE THE COST OF ACQUISITION FOR THE PROPERTY WHICH GOT BY GIFT FOR EXAMPLE

IF I RECEIVED A GIFT OF RESIDENTIAL PROPERTY IN THE YEAR 2009 AND SAME IS SOLD IN 2010-11 FOR RS 1200000/-, SO WHILE CALCULATING THE CAPITAL GAIN WHAT IS THE COST OF ACQUISTION FOR CALCULATING THE CAPITAL GAIN

KINDLY GIVE ME THE RULE AND SECTION

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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20 March 2012 COST TO PREVIOUS OWNER THAT IS THE PERSON MAKING THE GIFT WILL B UR COST SEE SECTUION 49
CA MANOJ GUPTA
JODHPUR
09828510543

CA Raju Sinha

CA Raju Sinha (Expert)
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20 March 2012 Dear Raghvan ,

U/Sec 49(1) , IF ANY PROPERTY IS ACQUIRED UNDER GIFT , COST TO THE PREVIOUS OWNER IS DEEMED TO BE THE COST OF ACQUISITION TO THE ASSESSEE .......

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