Fair Market Value as on 01.04.1981

[MOHAMED YACOOB SHARIFF]

Sir, one of my clainet has sold her property in the asst. 2010-11, which is under scuritiny now, the property was sold for Rs.1.2 crore, This property was settled by the mother of the assessee way back in 1974, Considering the rates prevaling at 01.04.1981, Assessee valeded the land and building as 19 lacs, thereby after applying the indexation there is no long term capital gains, instead there is a long term capital loss, but the Income tax officer is not accepting this.

So, pl clarify is there any way to determine the fair market value of the property as on 01.04.1981,

AI Summary

Client Challenges Income Tax Officer Over Property Valuation in 1981; Seeks Valuation Report for Support. A client sold a property in the 2010-11 assessment year for Rs. 1.2 crore, originally settled by the client's mother in 1974. The client valued the property at 19 lakhs as of 01.04.1981, resulting in a long-term capital loss after indexation, which the Income Tax Officer disputes. To support the market value claim as of 01.04.1981, it is advised to submit a valuation report from an approved valuer.