UNDER WEALTH TAX, HOW DO WE VALUE VACANT PLOT OF LAND(URBAN LAND)..??
PLEASE REPLY ASAP!
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Wealth tax
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valuation of any Asset which is not covered by rules 3 to 19 shall be estimated to be the price at which, it would fetch if sold in the open market on the valuation date.
DO WE NEED TO GET IT VALUED FROM VALUER & GET A REPORT OR CLIENT CAN TELL US THE VALUE OF THE VACANT LAND?
AS CLIENTS ARE RELUCTANT TO GET IT VALUED BECAUSE OF EXPENSE INVOLVED.
ANY ALTERNATIVE?
Valuation of urban land from registered valuer will always be a safer side for us to put the value in the return straight away.
However, if ur client ready to say the correct current market value of the urban land will not be a wrong in that,,,otherwise it will else ,,,,it attracts the other provisions of this Act.
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