How to Get Property Valuation

If property is acquired before 2000, then property valuation should be done before property is sold, by property VALUER, duly registered with income tax department, who will fill, the Property valuation report, as fixed by incomtax department, after visiting site/ property
on such valuation report, which shall be your purchase price, indexation will be done
after ascertaining indexation value, Furthur expenses if any shall also be considered
such value will be subtracted from sale price
indexation table is notified every year
by incomtax department
hope, this solves your query

Thanks Sir, this is helpful but we have not got the valuation report before selling the property, what can we do now?

Is it mandatory to have the valuation report or Should we file the valuation report along with the Income tax returns?

 

Thanks

Sherine

1) take valuation report now.

2) based on valuation report, u will have to index the property value, along with expenses, if any.

3) based on such indexed amount, u will get cost price of property.

4) subtract sales price and expenses incurred, from such indexed, cost price.

5) that will give u capital gains,

6) based on type of property, & your immovable assets ( flat/ shop), u can clain various sec 54 deductions.

7) U don't have to file valuation report with incometax dept. It is for calculation of capital gain.

8) in case, u recive any clarification from incometax ,for valuation, at that time, this valuation report, will help.

 

 

1) take valuation report now.

2) based on valuation report, u will have to index the property value, along with expenses, if any.

3) based on such indexed amount, u will get cost price of property.

4) subtract sales price and expenses incurred, from such indexed, cost price.

5) that will give u capital gains,

6) based on type of property, & your immovable assets ( flat/ shop), u can clain various sec 54 deductions.

7) U don't have to file valuation report with incometax dept. It is for calculation of capital gain.

8) in case, u recive any clarification from incometax ,for valuation, at that time, this valuation report, will help.