fair market value of 1981

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pradnya (Querist)
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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

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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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.

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