Hi Sir/Madam
A property(land) is transfered as gift to her daughter.
She sold the gifted property in the FY 2023-24
The property is sold for 10 lacs
as per gift deed value adopted(market value) for Stamp duty is 6 lacs
Can I take 6 lacs as Cost of Acquisition as per gift deed.
Please advise
Thanks in advance
NO, When a property is received as a gift, the cost of acquisition for the purpose of calculating capital gains is considered to be the cost at which the previous owner (the person who gifted the property) acquired it, not the market value or stamp duty value mentioned in the gift deed.
CAclubindia
