Sir, one of my clainet has sold her property in the asst. 2010-11, which is under scuritiny now, the property was sold for Rs.1.2 crore, This property was settled by the mother of the assessee way back in 1974, Considering the rates prevaling at 01.04.1981, Assessee valeded the land and building as 19 lacs, thereby after applying the indexation there is no long term capital gains, instead there is a long term capital loss, but the Income tax officer is not accepting this.
So, pl clarify is there any way to determine the fair market value of the property as on 01.04.1981,
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In order to substantiate market value as of 1.4.1981, Valuation report from approved valuer is to be submitted.