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Cost of Acquisition with reference to Certain Modes of Acquisition

Cost of Acquisition with reference to Certain Modes of Acquisition

Where the capital asset became the property of the assessee:

  1. on any distribution of assets on the total or partial partition of a Hindu undivided family;
  2. under a gift or will
    • by succession, inheritance or devolution;
    • on any distribution of assets on the dissolution of a ‘firm, body of individuals, or other association of persons, where such dissolution had taken place at any time before 01.04.1987;
    • on any distribution of assets on the liquidation of a company;
    • under a transfer to a revocable or an irrevocable trust;
    • by transfer in a scheme of amalgamation;
  3. by an individual member of a Hindu Undivided Family living his separate property to the assessee HUF anytime after 31.12.1969.

The cost of acquisition of the asset shall be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the asset incurred or borne by the previous owner or the assessee, as the case may be, till the date of acquisition of the asset by the assessee.

If the previous owner had also acquired the capital asset by any of the modes above, then the cost to that previous owner who had acquired it by mode of acquisition other than the above, should be taken as cost of acquisition.

Where the cost for which the previous owner acquired the property cannot be ascertained the cost of acquisition to the previous owner means the fair market value on the date on which the capital asset became the property of the owner.

Where the capital asset, being a share or debenture in a company, the cost of acquisition of the asset to the assessee shall be deemed to be that part of the cost of debenture, debenture-stock or deposit certificates in relation to which such asset is acquired by the assessee. Accordingly the cost of acquisition of rights share is the amount paid by the assessee to get them and the cost of acquisition of bonus shares is nil.

Cost of Acquisition with reference to Certain Modes of Acquisition

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