Urgent:reg. indexation of imm. property acquired before 1981

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 June 2017 Dear experts

I am in need of guidance regarding:
(1) Sale of immovable property buy before 1981 &
(2) Brokerage on sale of immovable property - by Individual

Fact of the case are as under:
An individual selling the immovable property worth Rs 85.00 Lac's which was acquired before 1981. As we know the cost inflation index was shifted from Year 1981 to Year 2001 in previous union budget 2017.

What is the procedure regarding assessing the market value of the year 2001 for indexation purpose ?
Does require to take help of valuer in the matter ? Does there is any specific format from Income Tax Dep't regarding reporting of its value assessment ? If yes kindly provide the link of it

Also brokerage of 1% is to be paid to the broker. In the matter kindly clarify does TDS require to be deduct for brokerage paid ? Kindly note that since the seller in Individual & NOT COVERED under tax audit U/s 44AB of IT Act 1961.

Please also mention "How to take brokerage invoice/bill to claim as expense

Your earliest reply and help in the matter will be highly appreciable with thanks

Amol S Joglekar

Amol S Joglekar (Expert)
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15 June 2017 You need to contact the Govt Approved Valuer for the fair market value for indexaton purposes 2001.
You need not deduct TDS on brokerage.
You can take the receipt of brokerage from the broker, with revenue stamp affixed on it

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