Valuation of plot of land for Wealth Tax purpose

13 February 2010
Dear sir
As we all know a vacent plot of land is taxable asset under wealth tax..
my quiry is that i have purchase one plot of land in 1995 and know i have to file wealth tax return......
for this i have to mention the value of the plot in the calculation of total wealth......
So which value i should show is it the purchase cost or the current market value certified by the valuation officer.......
if i need to get it certified by the valuation officer who will be the eligible valuation officer for the same....
kindly reply early its urgent......

CA. Ashish Bihani (Expert)
07 April 2010
Current market Value... To be more clear, value as on respective year end date i.e. 31st March.

You may approach any Government Approved Valuer.

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