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Sir, where i find fair market value of a land as on 1st April 2001

16 March 2021

for the calculation of capital gains on inherited property,
From where we can find Fair Market Value of a land as on 1st April 2001
and where we allowed to Idexation on the same value

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10 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14260 Points)
Replied 16 March 2021

check out on web site Income Tax . gov.in you will get indexation chart and fair market value on 2001 you have find out form Registered Valuer Certified by the GOVT .

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Abhishek Kumar (46 Points)
Replied 16 March 2021

Ok, but where I got FMV as on 1st April 2001?

prasad Nilugal ( GST Practitioner & Accounts ) (14260 Points)
Replied 16 March 2021

You have to find out value in 2001 from Registered Valuer certified by the GOVT .

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Kapadia Pravin (17249 Points)
Replied 16 March 2021

FMV you can find from Area specific Recokner of State Government

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CA HARSHITA AGARWAL (FCA) (71 Points)
Replied 16 March 2021

Which city do you reside in. I mean in which city is the property situated?

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Abhishek Kumar (46 Points)
Replied 16 March 2021

Jaunpur, UP

CA HARSHITA AGARWAL (FCA) (71 Points)
Replied 16 March 2021

You can search on IGRS.UP.GOV.IN or you can visit the regional registry office, there they have the year wise list of the same

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Abhishek Kumar (46 Points)
Replied 16 March 2021

Yes but i got only from year 2006

CA HARSHITA AGARWAL (FCA) (71 Points)
Replied 17 March 2021

If you PURCHASED IT then your applicable cost will be your actual purchase price of 2006. Then no role of DLC on 1st April 2001 for Capital Calculation

But if you have got this in gift from someone who purchased it before 1 April 2001 or if it it ancestral property , then in both these cases you will have to take DLC of 1 April 20001 as your cost.

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Apurba Pandit (Owner) (0 Points)
Replied 24 August 2023

Financial Year(AY)	Cost Inflation Index
2001-02 (Base year)	100

The base year has an index value of 100. Years after the base year are indexed to measure inflation. For assets bought before the base year, their purchase price can be taken as either their Fair Market Value (FMV) or actual cost on the base year's first day. Indexation benefits are then applied to this price for tax purposes. FMV is determined by a registered valuer's report.

Formula

Indexed Cost of Asset Acquisition = (CII for sale year x Cost of acquisition) / (CII for the year of asset purchase or 2001-02, whichever is later)

Indexed Cost of Asset Improvement = (CII for sale year x Cost of improvement) / CII for year of improvement