sanandan (Chartered Accountant) 28 May 2010
Mr.X sold Agri land and the same was inherited before 1981 .
FMV as on 1/4/81 was adopted as Rs 2 lacs per acre whereas the A.O has adopted Rs5000 per acre based on the value recd from Collector office which was guidelines value.
Party relied on the ceritificate issued by the village officer as Rs2.10 lacs per acre.
Is there any case law on this. How to compute FMV
Anandan.S
Vineet (Director) 28 May 2010
What was the basis of certificate issued by Village Officer regarding market value of land as on 1-4-1981.
If you get hold on any registered sale agreement in the area at that time, the same would be the best evidence otherwise collectors guidance for stamp duty purposes will be difficult to challenge. Normally the sale prices mentioned in sale deed are less than the collectors price which is done to avoid stamp duty. However, it is in your interest that you get a verfifiable comparative rate which is the highest.
The certificate issued by Village officer without any reference to records may not hold good.
Member Strength 9,47,548 and growing..
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
