TaxTMI 
TaxTMI 
TaxTMI 
Sir,
we have sold a property in F.Y. 2014-15 which was purchased in 1960. For calculation of cost of acquisition we wand to adopt fair value as on 01.04.1981. From where can we get such value?
Calculation of cost of acquisition
Sumit Khurana
Fair Market Value from 1981 Can Be Used for Property Sold in 2014-15, Says Advisory on Cost Calculation. A query was raised regarding the calculation of the cost of acquisition for a property sold in the financial year 2014-15, originally purchased in 1960. The individual sought to use the fair market value as of April 1, 1981, for this calculation. In response, it was advised that the fair value can be obtained from the Registration Department officials, as the index is announced annually based on the 1981 values. (AI Summary)