Year of Cost Inflation Index in case of Assets Received Under Gift

ASSETS RECEIVED UNDER GIFT – Where A acquired agricultural lands in 1961, and after converting them into non-agricultural use in 1962 gifted the lands to B in 1966, and later B sold them, the cost of acquisition under section 49(1)(ii) would be the amount originally paid by A, and not the value on the date of conversion or on the date of gift – B.N. Vyas v. CIT [1986] 159 ITR 141 (Guj.).

Gujarat High Court

B.N. Vyas vs Commissioner Of Income-Tax

Date – 01.03.1985 

Equivalent citations: 1986 159 ITR 141 Guj

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