Fair market value or guideline value

1.Fair Market Value can be taken,if such land was acquired by U on or before 1.4.2001.

2.Or was accquired by previous owner on or before 1.4.2001 and U got it from him/her by way of Gift,will,inheritance,Purchase etc.

3.Example : Land purchased by U from Mr.X , who was owner of the land since 1998.,in this case Fair Market Value on 1.4.2001 shall be taken as cost for Indexation purpose.

4.Example, land was acquired by U on 10.4.2001:cost of acquisition will be Guide line value , since the same is acquired after 1.4.2001.