1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available
2. New: “In Favour Of” filter added in Case Laws.
Try both these filters in Case Laws →
TaxTMI Login
🚀 New: Section-Wise Filter ✕
Just a moment...
1. Search Case laws by Section / Act / Rule — now available beyond Income Tax. GST and Other Laws Available
2. New: “In Favour Of” filter added in Case Laws.
Try both these filters in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Manuals
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Manuals
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
<h1>Ruling: Indexed Cost of Acquisition for Gifted Assets Tied to Previous Owner's Holding Year Under Section 48</h1> The indexed cost of acquisition is defined under section 48 of the Income Tax Act, 1961, as the cost of acquisition adjusted for inflation using the Cost Inflation Index (CII). It is calculated by relating the CII of the year the asset is transferred to the CII of the first year the asset was held. In the case of CIT vs. Manjula J. Shah, the Bombay High Court ruled that for capital gains on gifted assets, the indexed cost of acquisition should be based on the year the previous owner first held the asset, not when the current owner received it.
TaxTMI 
TaxTMI 
