Acquiring land by inheritance

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This query is : Resolved

CA ABHISHEK TEKRIWAL (Querist)

10 February 2013 Individual acquired land by inheritance from his father in 1.1982 or 2.1980.Father of individual had acquired the same in 1906.Individual is filing his return first time and want to prepare balance sheet.At what Value will be shown for land in balance sheet in both cases....?and is there any tax implications??

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

10 February 2013 There is no tax implication (Unless the Individual transfer the land).
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In both the cases you may show the land at its value as on 01.04.1981 by getting a valuation report from an approved valuer.
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Further, if you just show "inherited"
against the Land it is sufficient yet the valuation of the said land will be required whenever it will be transferred (in a subsequent query).

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CA ABHISHEK TEKRIWAL

CA ABHISHEK TEKRIWAL (Querist)

10 February 2013 Thank you very much sir......Expert with your name really perfect...who will be approved valuer sir ??

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

10 February 2013 A panel of valuers is generally maintained by the IT Department. You may select any of them . The qualification required for empanelment -

1. Civil Engineering, Architectural, Town Planning from a recognised university.
2. Post Graduate degree in valuation of real estate from recognised university.

3. Possess a qualifications recognised by Central Government for recruitment to superior services or Posts under Central Government in the field of Civil Engineering. Architecture or Town Planning.
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