FMV on 2001 when circle rates not available

That's the work of a valuer to find value using various base, he just don't only have to rely on circle rate on 01.04.2001. he can take value of sale of land in that area during that time or any other thing as base. It's his decision, he is a professional if he can prepare a proper report and convert value of 2006 into value of 2001 then that also can be accepted.

But as far as income tax is concerned if your land was purchased before 2001 then you need to take value in 2001 as base value.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you

- Get the value from the sub-registrar office. Might be any sale could occur during that period. 

OR

- The valuer should do the reverse calculation based on the 2006-07 value using CII factors but CII is based on the market inflation index.

OR

- Get the rate of near by locality/Area.

Considering you special case, I think it is reasonable to take circle rate of 2006-07.

Yes, that is the only option. But make sure you get a valuation report for the same.

Hi,

You can go ahead with circle rate of 2006-07.

Hello,

The valuer should use a reasonable base to determine the value as on 1st April 2001, it can be either the sale value of nearby property in this period or can take the value as on 2006-07 and make the reverse calculation.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani

Hello Sir,

You can determine the values by following methods:

1. Reverse calculation on the basis of CII 2006-07.

2. Sales values of nearby similar properties.

3.You can get the value from the sab register office.

However, it is advisable to consult with registered valuer for most appropriate method.