Hello , i have sold an ancestral property which was purchased in 1977, i cant find any valuations for the year 1981 but i have found a valution report of the said property of year 1991, can it be used for assessing the Current Value of Property to determine Capital Gain?
Did you wrote an application to the sub-registrar requesting the transaction amount at which similar properties in that area were sold during 1981 ? If not then kindly do the same
They will provide you details of several transactions from which you will have to compute WEIGHTED AVERAGE value per unit (eg Sq yard)
Valuation with 10 years variance should not be accepted.
Alternatively you can request the AO to refer your case to the Departments valuation officer and they can find the value for you.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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