https://www.taxtmi.com/caselaws?id=60959 Where an inherited asset devolves by will, section 49 deems the previous owner's cost of acquisition to be the assessee's cost for capital gains purposes, and sections 48 and 49 require indexation to be traced to that earlier acquisition. On that basis, the indexed cost was computed with reference to the father's acquisition and the 1-4-1981 value, which exceeded the sale consideration. As a result, no taxable long-term capital gain arose on the sale of the inherited property and the capital gains addition was deleted. en-us Wed, 04 Jul 2001 00:00:00 +0530 Mon, 10 Jan 2011 11:35:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60959 Where an inherited asset devolves by will, section 49 deems the previous owner's cost of acquisition to be the assessee's cost for capital gains purposes, and sections 48 and 49 require indexation to be traced to that earlier acquisition. On that basis, the indexed cost was computed with reference to the father's acquisition and the 1-4-1981 value, which exceeded the sale consideration. As a result, no taxable long-term capital gain arose on the sale of the inherited property and the capital gains addition was deleted. Case-Laws Income Tax Wed, 04 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60959