https://www.taxtmi.com/forum/issue?id=117399 For indexation purposes, the phrase referring to the year "in which the asset was held by the assessee" should be read to mean the first year the previous owner held the property, which determines the base year and cost for indexation. The practical issue posed is whether a transferee in a succession chain may instead adopt a recent market value as the cost of acquisition for computing capital gains despite an earlier lower purchase cost and subsequent conversions. en-us Tue, 03 Aug 2021 10:58:44 +0530 Thu, 23 Jan 2025 15:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117399 For indexation purposes, the phrase referring to the year "in which the asset was held by the assessee" should be read to mean the first year the previous owner held the property, which determines the base year and cost for indexation. The practical issue posed is whether a transferee in a succession chain may instead adopt a recent market value as the cost of acquisition for computing capital gains despite an earlier lower purchase cost and subsequent conversions. Discussion-Forum Income Tax Tue, 03 Aug 2021 10:58:44 +0530 https://www.taxtmi.com/forum/issue?id=117399