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Fair market value or guideline value
On indexation should we consider guideline value or fair market value of land as on 2001-02?
Replies (1)
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.
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.
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