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

This query is : Resolved 

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?

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

Do they provide the same in Registry Office?

You can obtain a valuation report from a registered valuer. This is also accepted by the income tax department.



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