Section 44 : Transfer of property after death

If the ownership of any property is disposed of through transfer to any other person because of the death of any natural person, the following provisions shall apply:

(a) That person shall be deemed to have obtained, for disposal, the amount equal to the market value of that property prevailing at the time of disposal and

(b) The person who has acquired the property through transfer shall be deemed to have incurred cost in a sum equal to clause (a).