Radhey Shyam acquired a building for ₹ 4,00,000 in the year 1998. He sold the building on 10.8.2020 for ₹ 36,00,000. The Fair market value and the stamp duty value as on 1.4.2001 is ₹ 8,00,000 and ₹ 6,40,000 respectively. The cost of acquisition for the purposes of sections 48 and 49 will be:
A. 8,00,000
B. 6,40,000
C. 4,00,000
D. None of the above
Answer:B
Radhey Shyam acquired a building for ₹ 4,00,000 in the year 1998. He sold the building on 10.8.2020 for ₹ 36,00,000. The Fair market value and the stamp duty value as on 1.4.2001 is ₹ 8,00,000 and ₹ 6,40,000 respectively. The cost of acquisition for the purposes of sections 48 and 49 will be:
A. 8,00,000 B. 6,40,000 C. 4,00,000 D. None of the above