Step 1: Recall the years of the events.
• Elections to the 11 Provinces of British India -- 1937
• Formation of the Indian National Army (INA) -- 1942
• Assassination of Mahatma Gandhi -- 30 January 1948
• Abolition of Privy Purse -- 1971
Step 2: Arrange them from earliest to latest.
\[
1937 \rightarrow 1942 \rightarrow 1948 \rightarrow 1971
\]
Thus, the correct sequence is
\[
\boxed{(iii)\rightarrow(iv)\rightarrow(i)\rightarrow(ii).}
\]
Step 3: Final conclusion.
Hence, the correct answer is
\[
\boxed{\text{(B) }(iii),\ (iv),\ (i),\ (ii).}
\]