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2012 (7) TMI 496 - HC - Income TaxDetermination of the cost of acquisition - computation of the period for which the asset is held by the assessee - property transferred to the assessee under a will or by inheritance - Held that:- 50% portion of the property acquired by the respondent from his father, the cost of acquisition must be determined to be the cost at which the respondent's grandfather or in any event the respondent's father acquired the property and not the date on which the respondent acquired it. Computation of the period for which the respondent held that 50% portion of the property he acquires from his mother - Held that:- The respondent's mother also acquired the property under her husband's will. She therefore, acquired the property by a mode of acquisition referred to in section 49(1)(ii). Thus the date of the acquisition of her share in the property is not relevant. The last previous owner of her share was therefore her husband's father and at the highest her husband - If therefore a capital asset becomes the property of the assessee in the circumstances mentioned in section 49(1) and the period for which it is held as determined by section 49(1) r.w.s. 2(42A) is more than the period stipulated in section 2(42A), the case would not fall within the ambit of a short term capital asset - the respondent must be deemed to have held this 50% share in the property also from 1.4.1981 - in favour of respondent.
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