21 June 2010
Mr.S received gold chain on the occasion of his marriage in 2002-03. Now Mr.S wants to sell the same in 2010. As per section 49 the cost of gold chain for Mr.S should be cost to the previous owner but Mr.S don't remember from whom he got the gift and consequently he is not able to find the cost to previous owner. Now what should be the cost of acquisition for Mr.S?Should it be nil or the fair value as on 31.3.2003?Please explain.
21 June 2010
COA can not be nil on the ground that he is not able to find the previous owner. Yes you are right FMV on that date can be considered the COA
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