Capital gain
This query is : Resolved
Sayan Gupta
(Querist)
05 January 2019
WHEN CALCULATING CAPITAL GAINS FROM SALE OF LAND OR PROPERTY, IT IS ADVISABLE TO GET A GOVERNMENT REGISTERED VALUER IN CASE THE SAID PROPERTY OR LAND WAS PURCHASED BEFORE 2001. NOW I HAVE A QUERY REGARDING THIS ISSUE. IS IT ESSENTIAL TO GET THE VALUE OF THE SAID PROPERTY OR LAND IN THE YEAR 2001 FROM THE VALUER AND CALCULATE INDEXATION COST OR WE CAN JUST TAKE CURRENT MARKET VALUE (CURRENT YEAR - 2018) OF THE SAID PROPERTY OR LAND FROM THE VALUER AND CALCULATE CAPITAL GAINS WITHOUT GIVING INDEXATION EFFECT ??
URGENT REPLY NEEDED !!
URGENT REPLY NEEDED !!
CA R SEETHARAMAN
(Expert)
05 January 2019
IT IS ESSENTIAL TO GET THE VALUE OF THE SAID PROPERTY OR LAND IN THE YEAR 2001 FROM THE VALUER AND CALCULATE INDEXATION COST.
CA Rashmi Gandhi
(Expert)
05 January 2019
You have to ask for Market Value as on 01 April 2001 and calculate capital gain cost using indexation compulsorily
Sayan Gupta
(Querist)
05 January 2019
But as per Income Tax the fair market value of an immovable property shall be higher of—
(I) its cost of acquisition; and
(II) the price that the property shall ordinarily fetch if sold in the open market on the 1st day of June, 2016 on the basis of the valuation report obtained by the declarant from a registered valuer:
Kindly shed some light on it.
(I) its cost of acquisition; and
(II) the price that the property shall ordinarily fetch if sold in the open market on the 1st day of June, 2016 on the basis of the valuation report obtained by the declarant from a registered valuer:
Kindly shed some light on it.
CA R SEETHARAMAN
(Expert)
06 January 2019
Such valuation is required only there is difference in agreement value and government value for stamp duty purpose.
If the value adopted or assessed or assessable by the State ValuationAuthority (SVA) has not been challenged before any authority, Court or High Court, and the assessee claims that this value is more than the fair marketvalue of the property, the assessing officer may refer the question ofvaluation to Departmental Valuation Officer (DVO).
If the value adopted or assessed or assessable by the State ValuationAuthority (SVA) has not been challenged before any authority, Court or High Court, and the assessee claims that this value is more than the fair marketvalue of the property, the assessing officer may refer the question ofvaluation to Departmental Valuation Officer (DVO).
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