Capital gains
Tejashwini
(Querist) 09 March 2012
This query is : Resolved
hello members
The issue is as follows:
A property was acquired by the Government during the FY 2010-11 and compensation paid to the assessee Mrs.A. The property was transferred to the assessee Mrs.A, on the death of her husband. The husband Mr. A , had received the property ( the property relates to their grand/great grand father's)on partition of the property during the early 1950s.
So in order to compute the Capital gains, we need the fair market value as on 01/04/1981. Require your valuable opinion on how to arrive at the FMV as on 01/04/1981.
Thanks in Advance
Raj Kumar Makkad
(Expert) 09 March 2012
You should post your query at Caclubindia.com instead of this site.
ajay sethi
(Expert) 09 March 2012
visit ca club india for your tax queries . we cant help you with market value of property in 1981
A V Vishal
(Expert) 09 March 2012
The value of the property can be ascertained by visiting the local registration office, there is no need to visit caclub when there are tax experts here.
A V Vishal
(Expert) 09 March 2012
For the attention of all non tax experts here in this forum, please don't suggest unless there are no experts in taxation here, when there are experts here why ask the querists to visit other forums. Time and again I have been saying this if you are unable to answer please don't but don't direct the querists to other sites. I am forced to take a strong view openly in view of similar suggestions by experts in the site.
V R SHROFF
(Expert) 09 March 2012
MR. VISHAL , PL REPLY HER,
If Expert guide her to go where the querist can get proper answer, it is in addition to those tax experts who will reply the query, So she get double guidance.
From Tax Experts here + from tax channel suggested by those experts who know who can reply better.
so I don't find anything wrong guiding her to visit Caclubindia.com
When someone ask citation we guide go to indiankanoon.org don't we??
ajay sethi
(Expert) 09 March 2012
point noted mr vishal . in future will desist from advsisng querits to visit ca club india .com .
ajay sethi
(Expert) 09 March 2012
where has shailesh shah disappeared? he also used to reply to tax quies but he is not to be seen on this site
A V Vishal
(Expert) 09 March 2012
Mr Shroff.......
I think tax experts here should get a chance to reply instead of the seniors advising almost instantly to the querist to visit some other site
A V Vishal
(Expert) 09 March 2012
Mr Shroff, Further I have amply answered the querist and given the best solution to her which any prudent tax expert would suggest.
V R SHROFF
(Expert) 09 March 2012
the query remains intact here, let tax experts reply it. over and above if non tax expert suggest alternative, why we shd object??
A V Vishal
(Expert) 09 March 2012
Dear Shroff, can you please suggest by what you mean by saying the query here remains intact..............?
You are making a mountain out of a mole hill, what I suggested was that the tax experts be given a chance to respond to the query before trying to turn them over to other forums.
Raj Kumar Makkad
(Expert) 10 March 2012
Vishal! though principally I am with you but can you tell me if the tax expert of this site is sleeping and not responding the query, would it not better to suggest the querist to opt another site of the same group running LCI?
You might be having knowledge that and and the same group is running lawyersclubindia and caclubindia.
ca club consist almost chartered accountants so those have been referred so that a specific type of query meant for them may be got properly answered by many experts there.
There is no question of undermining your capability. You are also free to reply so that the querist may be doubly benefitted.
If you have otherwise view, let me know through PM so that I may behave accordingly.
You need not take tough stand as you wrote here.
AMIT BAJAJ ADVOCATE
(Expert) 10 March 2012
I am in total agreement with Mr. A.V Vishal. Solution given by Vishal ji is best one. Let the queriest choose where to post their queries. If the queriest has posted here on this site then instead of guiding to the solution dont ask the queries to go to some other site.
Tax lawyers are equally competent as the CAs or other professionals.
Tejashwini
(Querist) 10 March 2012
hello members,
thanks for all your valuable advice. I can only see the comments here which relates to other than the solution to the question. .However i appreciate your valuable time and patience. My question is very simple & straight forward. ie Require your valuable opinion on how to arrive at the FMV as on 01/04/1981.
I guess forum's are meant to give valuable opinion/answers to queries rather than as treat is as a subject of debate . Feel sorry for wasting the time .
AMIT BAJAJ ADVOCATE
(Expert) 10 March 2012
The answer is simple, Go to some income tax approved valuer ussualy an Architect for F.M.V as on 01-04-1981 or can also visit local registrar as Mr. A.V Vishal suggested
Tejashwini
(Querist) 10 March 2012
Hello Mr. Amit,
Thanks for the info. I knew that income tax valuer is the right person. So does that mean an architect is an income tax approved valuer.
Thank you so much
AMIT BAJAJ ADVOCATE
(Expert) 10 March 2012
An Architect approved by Income Tax Department ussualy by CCIT is considered as an approved valuer. You try find such Architect in your city, surely you will find one. Get written valuation report from him, Department will accept it.
