https://www.taxtmi.com/caselaws?id=355957 For a capital asset acquired by gift, indexed cost of acquisition is computed with reference to the year in which the previous owner first held the asset, not the year in which the assessee received the gift. Section 49(1) deems the assessee to take the previous owner's cost, and that deeming fiction must be given full effect when applying section 48 Explanation (iii). The indexation base therefore follows the previous owner's holding period, so the Revenue's contrary position is rejected. en-us Mon, 19 Feb 2018 00:00:00 +0530 Thu, 09 May 2019 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355957 For a capital asset acquired by gift, indexed cost of acquisition is computed with reference to the year in which the previous owner first held the asset, not the year in which the assessee received the gift. Section 49(1) deems the assessee to take the previous owner's cost, and that deeming fiction must be given full effect when applying section 48 Explanation (iii). The indexation base therefore follows the previous owner's holding period, so the Revenue's contrary position is rejected. Case-Laws Income Tax Mon, 19 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355957