13 July 2011
sir,our one of the client had purchached property at 1965 at rs.25000which sold in 2011.i want to know which value i take as on 1.4.1981.? thanx in advance....
13 July 2011
For easy solution of this question; just approach your registered valuer who is advocate, he will tell you the property value in 1981.
As you have registered the document of sold property with the help of one advocate. If he is experienced advocate; he would definitely be able to tell you what were the prices that time.
If the amount is not so big; the same can be had at an approximate value otherwise get it valued from one approved valuer.
Once you get value as determined by the approved valuer; your work is over. If during asst. proceedings the ITO doesn't accept the valuation (if your case is selected for scrutiny); first of all; he has to prove that the valuation was wrong. So burden shifts to the department that valuation is not correct.
After getting valuation; even if department proves that valuation was wrong; still you would be saved from penalty provisions.
CAclubindia
