Fmv of inherited property on 01-04-1981

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yogesh pancholi

chartered accountant

25 Points Joined September 2016

Respected sir, I had received a house in inheritance from my father in 1970 , now i sold it in Rs. 22 lakhs, In this case long term capital gain tax arise on me. In this matter i knows that actual cost of previous owner or FMV on 01-4-1981 should be taken as cost of acquisition and than get indexation benefit , but in this case house was also received in inheritance by my father their is no Previous owner cost , so only option to take FMV on 01-4-1981, but how to calculate the FMV of 01-4-1981 for the calculation of LTCG tax ? Please suggest .

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210818 Points Joined July 2016

Government Approved Valuer!!

ANKUR TAH

Teacher Consultant and CA finalist.

543 Points Joined February 2014

Basically fair market value is consider on the basis of sale of similar property on that time in absence of that municipality valuation or engineer valuation require.

After amendment in finance bill 2012-13, it specified that Assessing officer shall consider the cost of acquisition only of valuation report of registered valuer to calculate long term capitail gain.

You may communicate with relvant sub-registrar office/ valuation registered office for calculation of market value of land & building and appoint a chartered engineer for calculation of valatuion of building. it is not a standard method. it's dependent on fact of case.