Capital Gains Tax Applies When Asset Cost is Unknown; Use Fair Market Value from 1954 or Acquisition Date.

Capital Gains Tax Applies When Asset Cost is Unknown; Use Fair Market Value from 1954 or Acquisition Date. https://www.taxtmi.com/highlights?id=2202 Capital gain - even where cost of acquisition of capital asset cannot be ascertained but the asset has market value, capital gain will be attracted by taking the cost of acquisition to be fair market value as on 1.1.1954 or on date statutorily specified or at the option by assesse, market value on the date of acquisition.... - HC en-us Sat, 26 Nov 2011 11:11:24 +0530 Sat, 26 Nov 2011 11:11:24 +0530 TaxTMI RSS Generator Capital Gains Tax Applies When Asset Cost is Unknown; Use Fair Market Value from 1954 or Acquisition Date. https://www.taxtmi.com/highlights?id=2202 Capital gain - even where cost of acquisition of capital asset cannot be ascertained but the asset has market value, capital gain will be attracted by taking the cost of acquisition to be fair market value as on 1.1.1954 or on date statutorily specified or at the option by assesse, market value on the date of acquisition.... - HC Highlights Income Tax Sat, 26 Nov 2011 11:11:24 +0530 https://www.taxtmi.com/highlights?id=2202