Dismissing the appeal of the revenue the Tribunal held that ;assetacquired under a gift, indexed cost of acquisition of such capital asset has to be computed with reference to year in which previous owner first held asset. ( AY.2011-12)
ITO v. Nita Narendra Mulani. (Smt.) (2018) 172 ITD 169 (Mum) (Trib.)
S. 48 : Capital gains – Computation – Indexation -Asset acquired under a gift, indexed cost of acquisition of such capital asset has to be computed with reference to year in which previous owner first held asset. [ S.45 ]