House property valuation

Zoheb (Accountant Manager) (158 Points)

16 December 2016

Dear All,

My Client has Recieved flat by his parents he is having the NOC but couldnt find the document which is supposed to be with his parents and that is why he is not having evidence by which he can find out the Acquituisition cost of F.Y.2001-2002.

How to Find out the cost and wether it is acceptable or not.

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9 Replies

Shubham Gupta (Business Consultants) (2077 Points)
Replied 16 December 2016

for what purpose do you want cost of aquisition?

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Zoheb (Accountant Manager) (158 Points)
Replied 16 December 2016

SOld the Flat so have to file Return of income .

Since Capital Gain has attracted.

Shubham Gupta (Business Consultants) (2077 Points)
Replied 16 December 2016

then you must have got registery papers of the property sold.

Zoheb (Accountant Manager) (158 Points)
Replied 16 December 2016

Yes but what about the purchase price

Shubham Gupta (Business Consultants) (2077 Points)
Replied 16 December 2016

did your client purchased property from his parents, or was it gifter /inherited from parents.?

if it was gifted than cost of aquisition of parents will be considered, and that value would had been written on registery papers.

Zoheb (Accountant Manager) (158 Points)
Replied 16 December 2016

property is inherited and i am familiar with the provisions of section 49(1) of IT Act but Client for any personal reason dont want to ask the price of the flat from his brother who is handling all the old documents, they have fear in heart that their brother will ask for money from them, that is why i want to find out the FMV and then do the valuation.