Valuation requirement of proprty purchased before 2001


(Querist)
14 August 2019
Sir ,
Ifimmovable property which is purchased before 2001 and sold in 2019 . Do we really need fair market valution done from licenced ( IT ) valuer . OR we can rely on Stamp Duty valuation of 2001 for calculation of LTCG . .How can valuer find Fare Market valuation of nineteen years back where as Stamp Duty Valuation as prevailing on that date is authentic official document .
Pls guide .


CA PARTH SHAH (Expert)
16 August 2019
For Property purchased prior to 1-4-2001, you shall need take valuation of the property from certified valuer. You cannot take stamp duty valuation of 2001 for LTCG purpose. Stamp duty valuer shall find fair Market Value based on the few defined norms like location of the property, stamp duty valuation, market rates of the similar property, revenue records etc.

rmalhotra (Querist)
16 August 2019
Thank you sir. for your reply


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