Long term capital gains tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 April 2013 Dear Experts,on of my client claimed the long term capital loss based on the Fair Market Value of the property as on 01.04.1981, taken as Rs.19 lacs,(before indexation) but the AO rejecting the valuation report submitted by the assesse, adopted the FMV of the property as on 01.04.1981 as Rs.330000/-(before indexation). Thereby there is a tax demand of Rs.30lacs,

I request the experts to highlight any case in favour of the assesee to file the appeal.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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27 May 2013 File the appeal and place the Registered Valuer's report and state that if the ITO is not satisfied he should have referred to the Valuation Officer but as it is not referred then the valuation report as submitted is to be accepted.