https://www.taxtmi.com/caselaws?id=122782 Where a capital asset is acquired by gift and later transferred, the transferee takes the previous owner's cost of acquisition, and the previous owner's holding period is included in computing the asset's period of holding. On that basis, the indexed cost of acquisition under the capital gains provisions must be linked to the year in which the previous owner first held the asset, not the year of the transferee's gift acquisition. A contrary reading would undermine the object of indexation and deny inflation adjustment for the earlier holding period. en-us Fri, 16 Oct 2009 00:00:00 +0530 Mon, 28 Aug 2023 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122782 Where a capital asset is acquired by gift and later transferred, the transferee takes the previous owner's cost of acquisition, and the previous owner's holding period is included in computing the asset's period of holding. On that basis, the indexed cost of acquisition under the capital gains provisions must be linked to the year in which the previous owner first held the asset, not the year of the transferee's gift acquisition. A contrary reading would undermine the object of indexation and deny inflation adjustment for the earlier holding period. Case-Laws Income Tax Fri, 16 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122782