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How to get Value of property for LTCG

Nishant (Accountant) (19 Points)

04 August 2008

Hi,

I want to knw how to get value of property purchase date is not known , transfered in 1966 through inheritance and sold by legal heirs in 2007. The property is situaed in Mumbai (Santa Cruz).

regards

Nishant

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4 Replies

CA RAMESH KUMAR AHUJA (CA, DISA, LLB) (5452 Points)
Replied 04 August 2008

You will have adopt the market value of property as on 01.04.1981. As such get the property valued by the Approved Valuer as on that date.

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VIGNESH (Manager Finance &Accounts) (327 Points)
Replied 04 August 2008

Originally posted by :Nishant
"	Hi, I want to knw how to get value of property purchase date is not known , transfered in 1966 through inheritance and sold by legal heirs in 2007. The property is situaed in Mumbai (Santa Cruz). regards Nishant	"

get the fair market value as on 1981 then FMV * 551/100 the answer will be deducted from sale value

for ge 760000 is a sale value and 25000 is a FMV as on 1981 the the calculation goes like this

25000 * 551/100 = 137750 so the LTCG is 760000 - 137750 = 622250.

CA Hemant T Dewani (Chartered Accountant) (3356 Points)
Replied 04 August 2008

as per given by ramesh ahuja

vipul (student) (20 Points)
Replied 09 December 2008

Get a search Report of the above said property from a good lawyer (who is doin work of property registration). Then get the value of the property as on 1.4.1981, if the property is older than 1981. If the property is newer than 1891, then get a copy of the purchase agreement from the registrar of properies, making an application to him & paying the requiste fees.

Hope, this should solve ur problem.