Cost of acquition

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 November 2009 Respected Experts
i have 2 query about cost of Acquisition

1. how to find out fair market value on 1.4.81
cost of acquisition in 1964 was Rs 4000

2. Assessee and his 2 brother constucted 3 flats on land gifted by his father.
How cost of land should be divided among three brothers

Rasesh

Rasesh (Expert)
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27 November 2009 The rates as on 1.4.81 for all listed securities is available in the income tax ready referencer published by taxmann.

For valuation of other assets, a valuation report has to be obtained from an approved valuer who is registered with the Income Tax Department. Generally, chartered engineers are registered with income tax department and provide valuation reports for value of land and immovable property as on 1.4.81 as well as current valuation.

As regards your second query, I am sorry I will not be able to help you on that.

Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2009 thank u sir

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