fair market value of 1981
This query is : Resolved
07 August 2010
for capital gain purpose we need the fmv of 1981. my questions is
what are the ways to get fair market value of property in the year 1981 ?
is it mandetory to get valuation certificate from valuar.
or i can get the same price from somewhere elese ? or
there is property index book or any thing which i can refer.
Please guide me
what are the ways to get fair market value of property in the year 1981 ?
is it mandetory to get valuation certificate from valuar.
or i can get the same price from somewhere elese ? or
there is property index book or any thing which i can refer.
Please guide me
07 August 2010
For easy solution of this question; just approach your advocate who will tell you the property value in 1981.
I hope you have registered the documents with the help of one advocate (for the property sold now). If he is senior advocate; he would be able to tell you what were the prices that time.
If the amount is not so big; the same can be had at an approximate value otherwise get it valued from one approved valuer.
Once you get value as determined by the approved valuer; your work is over. If the ITO doesn't accept the valuation during scrutiny (if your case is selected for scrutiny); first of all; he has to prove that the valuation wrong. So burden shifts to the Assessing Officer that valuation is not correct.
After getting valuation; even if department proves that valuation is wrong; still you would be saved from penalty provisions.
I hope you have registered the documents with the help of one advocate (for the property sold now). If he is senior advocate; he would be able to tell you what were the prices that time.
If the amount is not so big; the same can be had at an approximate value otherwise get it valued from one approved valuer.
Once you get value as determined by the approved valuer; your work is over. If the ITO doesn't accept the valuation during scrutiny (if your case is selected for scrutiny); first of all; he has to prove that the valuation wrong. So burden shifts to the Assessing Officer that valuation is not correct.
After getting valuation; even if department proves that valuation is wrong; still you would be saved from penalty provisions.
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