The Assessee (settlee / donee) has acquired a property in 2011 through a ‘gift deed’ gifted by his mother (settlor / donor) i.e., the previous owner. The settlor has acquired the said property through her ancestral property and by virtue of continuous and uninterrupted possession of the said property since several years.
As per 49(1). COA of the assessee can be taken as COA to the previous owner in case of a gift. However, the year and cost of acquisition of the property by the previous owner i.e., the mother was not given in the deed. How do we proceed.
As it is ancestral property, take cost as FMV based on circle rate as of 01.04.2001.
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