Ms. Smita inherited a vacant site land consequent to the demise of her father on 10th June, 2011. The land was acquired by her father on 10th April, 1991 for 140,000. The fair market value of the land on 1 st April, 2001 was ₹60,000 and on the date of inher¬itance, i.e., 10th June, 2011 was ₹ 2,00,000. The cost of acquisition for Ms. Smita is –
A. ₹ 10,000
B. Nil
C. ₹ 60,000
D. ₹ 2,00,000
Answer:C
Ms. Smita inherited a vacant site land consequent to the demise of her father on 10th June, 2011. The land was acquired by her father on 10th April, 1991 for 140,000. The fair market value of the land on 1 st April, 2001 was ₹60,000 and on the date of inher¬itance, i.e., 10th June, 2011 was ₹ 2,00,000. The cost of acquisition for Ms. Smita is –
A. ₹ 10,000 B. Nil C. ₹ 60,000 D. ₹ 2,00,000