Ms. Smita inherited a vacant site land consequent to the demise of her father on 10 th June, 1990. The land was acquired by her father on 10 th April, 1970 for ₹40,000. The fair market value of the land on 1 st April, 19
CS Executive · Tax Laws and Practice · PYQS · June 2016
Ms. Smita inherited a vacant site land consequent to the demise of her father on 10 th June, 1990. The land was acquired by her father on 10 th April, 1970 for ₹40,000. The fair market value of the land on 1 st April, 1981 was ₹60,000 and on the date of inheritance, i.e., 10 th June, 1990 was ₹2,00,000. The cost of acquisition for Ms. Smita is —
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax
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