Valuation of property

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BHAGYASHREE (Querist)
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12 May 2016 I have received an inherited property at Delhi . The inherited property was divided amongst 4 brothers on partition . On partition , the property was valued at 4cr ( 1 cr each ). I have paid stamp duty and registration charges of Rs. 2,50,000/- .Now, i desire to show the property in my Books. what should be the value at which the propery shhould be reflectd?

Amol S Joglekar

Amol S Joglekar (Expert)
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12 May 2016 01. which books you are referring? You as an individual or any proprietory business OR any partnership....?
02. For you the cost of the property is NIL + the stamp duty charges you have incurred.
03. For wealth tax purpose, the value as on 31st day of march every year shall be reckoned.
04......your query please.

Rupesh Jain

Rupesh Jain (Expert)
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12 May 2016 you have pay nothing for buy this assets then value in nil you can show only rs. 250000/- only.

BHAGYASHREE

BHAGYASHREE (Querist)
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12 May 2016 Thank You.
The cost of property in the hands of an individual .
and if i have incurred further charges towards cost of improvements even the same shall form part of cost ?

If i have received a consideration from builders of Rs.23,00,000 towards extinguishment of my rights in the property the same shall be treated as capital gains ?

Amol S Joglekar

Amol S Joglekar (Expert)
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12 May 2016 for capital gain, you have a choice to consider the value of the house as on 01/04/1981, as certified by the GAV (Govt Approved Valuer) Please take the benefit of that. You can also claim the cost of improvement in the said capital gain computation.

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