Gift, will and inheritance shares received

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Daya (Querist)
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15 December 2024 How to determine date of acquisition and cost of acquisition in the case of share received by GIFT,Will and inheritance.
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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 December 2024 The cost of acquisition for shares received as a gift or WILL or inheritance is deemed to be the cost for which the previous owner acquired them. If you cannot ascertain this cost, and the shares were acquired before April 1, 2001, you can take the fair market value (FMV) of the shares on April 1, 2001, as the cost of acquisition. For shares held on January 31, 2018, and sold after March 31, 2018, the FMV on January 31, 2018, might be used for listed shares if the holding period exceeds 12 months it will be long term.