immovable property was purchased in 1979 .
if it is sold in 2017-18 whether the cost of acquisition has to be considered as fair market value as on 1-4-2001 kindly clarify
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cost of acquisition
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yes if asset is purchased before 2001 then the market value on 1.4.2001 will taken as cost of acquisition.
under Which section it has been quoted kindly let me know
section 48 of the income tax act
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