07 August 2010
for capital gain purpose we need the fmv of 1981. my questions is what are the ways to get fair market value of property in the year 1981 ? is it mandetory to get valuation certificate from valuar. or i can get the same price from somewhere elese ? or there is property index book or any thing which i can refer. Please guide me
07 August 2010
For easy solution of this question; just approach your advocate who will tell you the property value in 1981.
I hope you have registered the documents with the help of one advocate (for the property sold now). If he is senior advocate; he would 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 the ITO doesn't accept the valuation during scrutiny (if your case is selected for scrutiny); first of all; he has to prove that the valuation wrong. So burden shifts to the Assessing Officer that valuation is not correct.
After getting valuation; even if department proves that valuation is wrong; still you would be saved from penalty provisions.
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