Property valuation -Wealth Tax

Jagmohan Rawat (Querist) 01 June 2010 This query is : Resolved
Hello friends,
For the purpose of wealth tax, my client has been declaring the value of his properties in Delhi at purchase price as per deed + estimated appreciation from 0% to 20%. But during assessment the A.O. has determined the value of these properties much higher saying though the purchase price matches the stamp duty paid but generally properties are shown at much lower rates in Delhi and actual market value is much higher. Pls help me with some judgements to settle down the issue properly.

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soumitra basu (Expert) 04 June 2010
You should object to the determination of the AO and request him to refer the same to the valuation officer. Or, you can argue that the value for the purpose of stamp duty is the market value of the property determined by Government Authorities and any deviation to that should be substantiated by proper document.

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