Ans. Year of acquisition will be
1985-86, as in case of properties acquired by way of inheritance, gifts etc.
period of holding of the previous owner shall be included while calculating the
period of holding of the asset for the person to whom property is inherited
and/or gifted [Section 2(42A)]. Further, as per section 49(4) of the Act, cost
of acquisition of the property will be the cost for which previous owner i.e.
Father had acquired it i.e. Rs.1 lakh.