https://www.taxtmi.com/forum/issue?id=1554 Whether CII for a gifted asset is taken as of the year the donee received the gift or the year the previous owner acquired it; one reading applies CII of the year the asset is held by the assessee (donee), while a purposive construction applies CII of the previous owner's year of acquisition (or the prescribed base-date FMV where applicable), treating the previous owner's holding period and improvement years as carrying over to the donee to avoid indexing anomalies. en-us Thu, 22 Oct 2009 19:13:51 +0530 Thu, 23 Jan 2025 15:58:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=1554 Whether CII for a gifted asset is taken as of the year the donee received the gift or the year the previous owner acquired it; one reading applies CII of the year the asset is held by the assessee (donee), while a purposive construction applies CII of the previous owner's year of acquisition (or the prescribed base-date FMV where applicable), treating the previous owner's holding period and improvement years as carrying over to the donee to avoid indexing anomalies. Discussion-Forum Income Tax Thu, 22 Oct 2009 19:13:51 +0530 https://www.taxtmi.com/forum/issue?id=1554