https://www.taxtmi.com/circulars?id=9208 Determination of the fair market value of land under section 7(1) requires estimating the price the asset would fetch on the valuation date; primary consideration is actual sales of comparable land in proximity of time and place, with adjustments if such comparables are unavailable. Absent reliable comparative data, valuation may be by development scheme-extrapolating land rates with discounts for development costs, time and non-saleable common areas-or by building scheme-capitalising the income potential of the building and deducting construction costs and time. en-us Fri, 28 Jul 1978 00:00:00 +0530 Fri, 03 Jun 2011 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9208 Determination of the fair market value of land under section 7(1) requires estimating the price the asset would fetch on the valuation date; primary consideration is actual sales of comparable land in proximity of time and place, with adjustments if such comparables are unavailable. Absent reliable comparative data, valuation may be by development scheme-extrapolating land rates with discounts for development costs, time and non-saleable common areas-or by building scheme-capitalising the income potential of the building and deducting construction costs and time. Circulars Income Tax Fri, 28 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9208