Hi,
I want to knw how to get value of property purchase date is not known , transfered in 1966 through inheritance and sold by legal heirs in 2007. The property is situaed in Mumbai (Santa Cruz).
regards
Nishant
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How to get Value of property for LTCG
Replies (4)
You will have adopt the market value of property as on 01.04.1981. As such get the property valued by the Approved Valuer as on that date.
| Originally posted by :Nishant | ||
| " | Hi, I want to knw how to get value of property purchase date is not known , transfered in 1966 through inheritance and sold by legal heirs in 2007. The property is situaed in Mumbai (Santa Cruz). regards Nishant |
" |
get the fair market value as on 1981 then FMV * 551/100 the answer will be deducted from sale value
for ge 760000 is a sale value and 25000 is a FMV as on 1981 the the calculation goes like this
25000 * 551/100 = 137750 so the LTCG is 760000 - 137750 = 622250.
as per given by ramesh ahuja
Get a search Report of the above said property from a good lawyer (who is doin work of property registration). Then get the value of the property as on 1.4.1981, if the property is older than 1981. If the property is newer than 1891, then get a copy of the purchase agreement from the registrar of properies, making an application to him & paying the requiste fees.
Hope, this should solve ur problem.
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