1-what is fair market value & it's provision?
2- fair market value as on 18th April 1980, what will be the cost of acquisition????
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fair market value.
Replies (5)
fair market value is the estimation of market price of property..For the price which property can be sold in market..
And before 1/4/1981 you should take fmv or coa whichever is higher on 1/4/1981
And before 1/4/1981 you should take fmv or coa whichever is higher on 1/4/1981
Cost of Acquisition of capital asset is taken either the actual cost or FMV as on 1 April 1981 when capital asset becomes the propoerty of assesse before 1April 1981 & Capital asset becomes the property of the assesse by any mode of acquisition specifies ib section 49 (1)
Cost of Acquisition of capital asset is taken either the actual cost or FMV as on 1 April 1981 when capital asset becomes the propoerty of assesse before 1April 1981 & Capital asset becomes the property of the assesse by any mode of acquisition specifies ib section 49 (1)
thanks you .
from current assement year fmv shall be taken from 01.04.01
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