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Capital gains

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(Querist)
29 September 2014 can we assume FMV to be the COA of the property purchased on 1-4-1981 if the COA is not given
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 October 2014 no. you cannot. you need to ascertain the cost. the option using of FMV on 1 April 1981, is applicable only to the assets acquired before 1 April 1981

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