Assessee sold a flat which was received from his mother under a gift deed.\u00a0\u00a0 The cost of acquisition was taken as the fair market value of such flat at the time of receipt of such flat by Smt. Saritha. (Mother of the Assessee). The \u00a0Assessing Officer took cost of acquisition of flat as fair market value of such flat at time of receipt of such flat by mother of assessee\u00a0 and computed long-term capital gains. On appeal the Tribunal held that\u00a0 pursuant to joint development agreement mother of assessee transferred a land under joint development agreement to developer for consideration of receiving a built up area\/flat developed by developer. Subsequently, flat received by mother in exchange of land was transferred by her to assessee.\u00a0 Mother of assessee got flat in exchange of plot of land transferred by her. Therefore the\u00a0 cost of acquisition could not mean cost perceived by mother at time of receiving flat and, therefore, voluntary act of mother of assessee in valuing property on higher side at time of receiving of same, would not force authorities to accept such escalated value.\u00a0 Appeal of the assessee was dismissed. (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 49 : Capital gains-Previous owner-Cost of acquisition-Gift-Received flat as a gift from mother-Cost of acquisition of flat in hands of mother would be deemed to be cost of acquisition in hands of assessee-The cost of acquisition could not mean cost perceived by mother at time of receiving flat. [S. 45] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-36086","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-9o2","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=36086"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36086\/revisions"}],"predecessor-version":[{"id":36087,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/36086\/revisions\/36087"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=36086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=36086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=36086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}