how to ascertain FMV on 01/04/1981 & save tax ?

This query is : Resolved

CA Abhishek Singh (Querist)
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15 May 2011 one of our client's father had purchased land/plot in 1944 for Rs.1800/-.

Now he is selling the plot for Rs.9crore.

how to ascertain fmv as on 01/04/1981 for calculating LTCG.

He has no residential house property.

How can he save the tax.

he can invest Rs.1 cr in residential house property.

what are the other ways to save tax ?

U S Sharma

U S Sharma (Expert)
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15 May 2011 get the FMV from local municipality/ registrar/ govt certified valuer

Rasesh

Rasesh (Expert)
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16 May 2011 Get the valuation from Income Tax dept approved land valuer.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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16 May 2011 U CAN GET THE VALUATION AS ON 1-4-1981 FROM ANAPPROVED VALUER]
U CAN INVEST THE NET CONSIDERATION IN A NEW RESIDENTIAL HOUSE TO GET EXEMPTION UNDER SECTION 54F PROVIDED THE CONDITIONS SPECIFIED THEREIN ARE FULFILLED

CA MANOJ GUPTA
JODHPUR
09828510543