https://www.taxtmi.com/caselaws?id=273534 On transfer of inherited tenancy rights, the cost of acquisition depends on the succession/devolution regime: the predecessor's cost is relevant, and where that cost cannot be ascertained, fair market value on the relevant date may be considered. Because the record did not clearly establish when the tenancy rights arose or whether consideration had been paid, the matter required fresh factual examination and was remitted for reconsideration. Deduction under section 54 was not available on transfer of tenancy rights, as the provision applies to transfer of a residential house and not a mere tenancy interest. en-us Tue, 30 Jun 2015 00:00:00 +0530 Mon, 02 Jul 2018 09:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273534 On transfer of inherited tenancy rights, the cost of acquisition depends on the succession/devolution regime: the predecessor's cost is relevant, and where that cost cannot be ascertained, fair market value on the relevant date may be considered. Because the record did not clearly establish when the tenancy rights arose or whether consideration had been paid, the matter required fresh factual examination and was remitted for reconsideration. Deduction under section 54 was not available on transfer of tenancy rights, as the provision applies to transfer of a residential house and not a mere tenancy interest. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273534