For computation of capital gains, sale consideration
A. Should be adequate
B. Adequacy is relevant only when the capital asset is land or building or both
C. Is the fair market value of asset transferred
D. Should not be in kind only cash
Answer:B
For computation of capital gains, sale consideration
A. Should be adequate B. Adequacy is relevant only when the capital asset is land or building or both C. Is the fair market value of asset transferred D. Should not be in kind only cash