Capital gain on ancestral agricultural land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2015 The assessee received agricultural land from his forefathers which was sold lateron in the year 2008. He filed return declaring capital gains. Since the land was ancestral and the cost of acquisition was taken as on 01.04.1981 on the basis of registered valuer report ( registered by Chief Commissioner). The ITO is insisting that valuer cannot value land and he is taking the rate as on 01.04.1981 as suggested by the Tehsildaar i.e. Registering authority. The rate has been suggested on the basis of land registered in the vicinity in the year 1981. Kindly enlighten by way of case laws as the land was not purchased and was inherited. Secondly, whether valuer can value only buildings, etc and not land.

Amol S Joglekar

Amol S Joglekar (Expert)
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16 January 2015 just try to [lay a trick....
go to the adjudicator of stamps...

ask them how much stamp you have to pay if the land is sold on 01/04/1981...

(obviously, they will say...you need to pay penalty...)

tell them "I will....but let me know the basic stamp duty to be paid had i sold the land on 01/04/1981...

You need lot of patience to do that....