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Fair Market Value of asset as on 1.4.1981

(Querist) 17 May 2008 This query is : Resolved 
Section 55(2)(b)(i) of Income Tax Act 1961 authorises an assesee to substitute fair market value as on 1.4.1981 in place of original cost.How to find out the fair market value as on 1.4.1981 in case of a sale of land acquired in 1940.
amit gupta_lawyer (Expert) 18 May 2008
well in that case the circle rate declared by local municipal authorites of that area where that land belongs would suffice or the recent sale of any property inthat region with in that given period of time would help in assessing the market value of that property
Arunkumar Mehta (Querist) 19 May 2008
Municipal authorities are not in a position to give circle rate as on 1.4.1981 They claim that they donot have any ready reckner availble with them for so old period.How can assesee substitute the cost and compute capital gain.
Jitender (Expert) 24 May 2008
u can also refer to a property valuer.

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