How find Fair market Value of House Property

1436 views 11 replies

Chandrakant Parmar

35 Points Joined July 2017

sir , my uncle Sold his house in In year 2021-22.it house aquire in year 1991. how find Fair Market Value? do can calculate Capital gain ? please give advice

Replies (11)

Eswar Reddy S

CFO- at NHTF

58275 Points Joined August 2012

FMV as on 01.04.2001 should be ascertained to calculate capital gain

CA Surya Sekar

CFO

1347 Points Joined March 2020

Visit the sub registrar office and findout FMV as on 01.04.2001

prasad Nilugal

GST Practitioner & Accounts

14936 Points Joined March 2014

For capital Gain you have to find out Fair market value of the said property in 2001 from GOVT registered valuer , because for indexation base year is 2001 at present , So After valuation you can find out capital gain .

Eswar Reddy S

CFO- at NHTF

58275 Points Joined August 2012

You may obtain the fair market value from registered valuers or from sub registrar office ..

Sq ft price in & around locality can be obtained

sabyasachi mukherjee

27910 Points Joined May 2017

Market value of house property is the fair market value of the land at that particular location.Now if the house is sold then the full value of consideration less indexed cost of accquition is the capital gain.

Eswar Reddy S

CFO- at NHTF

58275 Points Joined August 2012

Question is if it is acquired in 1991 , how to find the FMV now ?

Since the index numbers shuffled and base year shifted to 2001-02 FY , FMV as on 01.04.2001 relevant even if the asset is purchased in 1991

iskanderpizza

Master

22 Points Joined August 2022

Alright, thanks for the advice. So, if the property was acquired before April 2001, will I have to take the property's value as of April 1, 2001?

mokhtariadis

Designation

22 Points Joined September 2022

Originally posted by : iskanderpizza
	Alright, thanks for the advice. So, if the property was acquired before April 2001, will I have to take the property's value as of April 1, 2001?

It needs to do this because I want to sell my uncle's house and find out the price I should ask for. But now I think that selling it might not be the best idea. Becoming a landlord can be really profitable now because passive income won't hurt. The house looks nice, and you will not have to do a lot of maintenance job.
Or is it better to sell this one and get one from https://www.lumina.com.ph/property-listing? What do you think about real estate investments abroad in general?

Eswar Reddy S

CFO- at NHTF

58275 Points Joined August 2012

Yes.FMV as on 01.04.2001 can be considered as cost and you may apply indexation

Zamir Bashiruddin

2 Points Joined December 2024

I sold my flat in Mulund Mumbai, where is the sub-Registrar's office for Mulund West Area ???

jagdish chhugani

engineer

1072 Points Joined March 2013

ASK ANY REAL ESTSTE BROKER IN MULUND WEST AREA , HE WILL GUIDE YOU OR YOU MAY ASK GOVERMENT VALUER HE MAY CHARGE YOU 3000 OR 4000 AND GIVE YOU VALUATION REPORT FAIR MARKET VALUA AS ON 01-04-2001