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of <h1>Determining Fair Market Value for Land u/s 7(1) of the Wealth-tax Act: Key Factors and Considerations.</h1> Under Section 7(1) of the Wealth-tax Act, 1957, the value of any asset is estimated based on its potential open market sale price on the valuation date. This circular addresses the determination of fair market value for land within municipal jurisdictions, emphasizing that it varies based on specific circumstances such as locality, municipal regulations, and land size. Key considerations include actual sales of comparable land, adjustments for non-proximate sales, development schemes, and building schemes. In development schemes, land rates are calculated considering development expenses and non-saleable areas, while in building schemes, land value is based on the income potential of possible constructions.
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