Capital Gain

Fair market value as on 1.4.1981

thanku sir but how we get fair market value

Thanks for the query, Mr. Gopale,
Law sets up the word FMV as on 1.4.81,
Which is stated above by fellow mates,
Your query is, how to practically calculate such value to present in Income tax papers, so that no issue is raised by the department over such adopted FMV?
Your question could be answered through two routes,
1. Visit the regional authority which maintains Revenue for that are there you could find the, That date stamp value of land, if it was agricultural land than, now converted into residential/commercial land, I believe value of that property may be taken as if it was such residential/commercial property on 1.4.1981 too we can take up value of nearby area too if value of that are is not available. (Certainly chaipaani should be made available for such labour to the deserving, if needed to get things done by time, though I strictly condemn such practice)
2. Go to a reputed, experienced and informed VALUER, there are certain professionals working as valuers for properties etc. you could find them with not much problem, make sure he has relevant experience, documentational records regarding property in discussion such as that periods sale deeds or decided revenue issues where compensation was awarded by the revenue based on market price etc. I am not a valuer registered thus don't know much about the documents which IT dept. puts reliance upon, whoever a registered valuer would certainly help I getting an approved value which is possibly the highest possible value

for your purpose,

Hope the above info. helps a bit,
Should you need any further information, please revert back,

Thanks,
Abhimanyu

thanks Abhimanyu sir