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How find Fair market Value of House Property

12 March 2022

sir , my uncle Sold his house in In year 2021-22.it house aquire in year 1991. how find Fair Market Value? do can calculate Capital gain ? please give advice

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9 Replies

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 12 March 2022

FMV as on 01.04.2001 should be ascertained to calculate capital gain

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CA Surya Sekar (CFO ) (1347 Points)
Replied 12 March 2022

Visit the sub registrar office and findout FMV as on 01.04.2001

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prasad Nilugal ( GST Practitioner & Accounts ) (14803 Points)
Replied 12 March 2022

For capital Gain you have to find out Fair market value of the said property in 2001 from GOVT registered valuer , because for indexation base year is 2001 at present , So After valuation you can find out capital gain .

Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 12 March 2022

You may obtain the fair market value from registered valuers or from sub registrar office ..

Sq ft price in & around locality can be obtained

sabyasachi mukherjee (27579 Points)
Replied 13 March 2022

Market value of house property is the fair market value of the land at that particular location.Now if the house is sold then the full value of consideration less indexed cost of accquition is the capital gain.

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Eswar Reddy S (CFO- at NHTF) (58270 Points)
Replied 13 March 2022

Question is if it is acquired in 1991 , how to find the FMV now ?

Since the index numbers shuffled and base year shifted to 2001-02 FY , FMV as on 01.04.2001 relevant even if the asset is purchased in 1991

iskanderpizza (Master) (22 Points)
Replied 22 August 2022

Alright, thanks for the advice. So, if the property was acquired before April 2001, will I have to take the property's value as of April 1, 2001?

mokhtariadis (Designation) (22 Points)
Replied 01 September 2022

Originally posted by : iskanderpizza
	Alright, thanks for the advice. So, if the property was acquired before April 2001, will I have to take the property's value as of April 1, 2001?

It needs to do this because I want to sell my uncle's house and find out the price I should ask for. But now I think that selling it might not be the best idea. Becoming a landlord can be really profitable now because passive income won't hurt. The house looks nice, and you will not have to do a lot of maintenance job.
Or is it better to sell this one and get one from https://www.lumina.com.ph/property-listing? What do you think about real estate investments abroad in general?