Hi, my mother inherited a property in WB and wants to now sell. The property was originally bought in 1961/62. Now, for the purpose of calculation of possible Capital Gains tax and applying the Indexation, we need to determine the 'fair market value' of that property in 1981. How can we find that out? Any response will be appreciated.
Many Thanks.
Mr.P.Prqatim. G
(1) In your case first section 49 applies as the property is inherited property.
(2) To ascertain fair market value for the year 1981 you can adopt the value as per the records of registration authority. You can approach registration authorities.
Regarding other alternatives I request experts to participate in the discussion.
Best Wishes
Sathikonda
Mr.Pratim..
I do also think that you should ask the registration authorities about the FMV of that property in 1981........ The authorities will provide you the value of that property -1981....
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