Gold Jwellery sold for Rs. 2,80,000/- in F.Y 2009-2010, the proceeds thereof are invested in buying first Residential House property. Claiming benefit u/s 54F. The Jwellery were received by gifts at the time of marriage (7 years back in April-2003)
Sec 49: Cost of Acquisition of Gift = Cost of prev. owner
Since the Jwellery were received by gifts on occasion of marriage the cost of acquisition of previous owner is not known.
What to do?
What cost of acquisition should be shown in return Form?
Will it be appropriate to take Market Rate of Gold as on 31-03-2003 i.e Rs. 5,300/- and calculate the purchase price accordingly & work out the indexed cost of acquisition?
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