Fmv(fair market value) as on 01-04-2001

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CA Sumit Ramesh Bharadia (Querist)
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13 May 2018 An assessee bought a House Property in 1994. He wants the sell the same now. In order to Computer the Long Term Capital Gain the assessee can take indexation benefit by taking Cost of Acquisition as Purchase price or FMV as on 01.04.2001.

How can one arrive at FMV as on 01.04.2001? How can one prove that X amount was the FMV as on 01.04.2001 in case Tax Officials ask the same?

CA Suresh Jain

CA Suresh Jain (Expert)
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13 May 2018 Fair Market Value can be obtained from the guideline value fixed by the state government for the purpose of registration fee and stamp duty for the similar property prevalent on 01.04.2001

CA Sumit Ramesh Bharadia

CA Sumit Ramesh Bharadia (Querist)
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13 May 2018 Do they provide the same in Registry Office?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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13 May 2018 You can obtain a valuation report from a registered valuer. This is also accepted by the income tax department.

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