Fair market value
This query is : Resolved
27 November 2017
Client does not have any agreement for his flat as his father and all other members have developed the building and after they firm a Society on April 1981. Now he sold the property, for calculating LTCG what cost to be taken? He is having only Society allocation letter, which shows that he is the owner of the flat. No contribution is mentioned. Finally he already invested the contribution U/S 54. But for calculation purpose how can I get the Cost of Acquisition. Is there any site which provides Property Ready reckoner value as on 1981.?
Thank you in advance.
Thank you in advance.
28 November 2017
if property is sold after 01/04/2017 then FMV or Stamp duty value as on 01/04/2001 is to be considered. For FMV or Stamp duty, you should approach Advocate who practice in revenue.
29 November 2017
YOU SHOULD CONTACT WITH AN INCOME TAX REGISTERED VALUER FOR FAIR MARKET VALUE OF THE PROPERTY.
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