ltcg on dowry asset

DINESHPATEL (Querist) 26 February 2011 This query is : Resolved
sir
plz tell me how can i tax calculation of dowry asset. i was got a dowry asset & i sold it after 4 year how much will i take cost of aquisation of this type assets when i calculation ltcg

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M V Gupta (Expert) 28 February 2011
Dear Mr. Dinesh Patel, dont call it dowry asset. Dowry is prohibited under law. You may call it as gift received by you from your in laws. In the case of gifted assets, the market value of the asset on the date of gift will be regarded as the cost of acquisition.

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