FMV under section 55
This query is : Resolved
21 July 2011
I would like to know what are the various ways by which assessing officer can deny the fair market valu claimed by the assessee in the case of capital gains calculation for old purchased land say in 1970.
Also, what are the methods used by the assessing officers to find that assessee is not claiming FMV at higher side than that of actual on 1981.
To justify the valuation whether one certificate from the cerified valuer is sufficient or it is better to have one or two more?
Thanks.
Also, what are the methods used by the assessing officers to find that assessee is not claiming FMV at higher side than that of actual on 1981.
To justify the valuation whether one certificate from the cerified valuer is sufficient or it is better to have one or two more?
Thanks.
21 July 2011
If the valuation is not supported by the Registered Valuer the AO may deny the valuation made by you for fair market value. He may refer for valuation to the department valuer for over valuation done by you.
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