KNOWLEDGE BANK FROM B KANAGA SABAPATHY
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Message from B. Kanaga sabapathy 19.08.2023
HOW TO VALUE A PROPERTY IF GAZETTE RATE IS LOW ?
Question :
I have following doubts about capital gains valuation.
As per new amendments property sold after 01.04.2020, FMV as arrived should not exceed stamp duty value. In Goa, government has published for the first time official Gazette in the year 2009.
Now as per comparative sales data in a particular village, plot was sold for Rs. 1,000/- per m2. But as per Gazette 2009, market rate is considered at Rs. 300/- per m2.
What do we do in such a case?
My opinion :
1. What is required is to ascertain the fair market value only as on 01.04.2001. The land rate as on 2001 can be obtained from the sale instances held in that period. The rate can also be obtained from the concerned registrar’s office by applying R.T.I.
2. You need not worry about the Gazette notification release on 2009.
With best wishes,
B. KANAGA SABAPATHY
bkvaluer@gmail.com
www.bkanagasabapathy.com
About the Author:-
- Mr. B. Kanaga Sabapathy born in 1951, is a Civil Engineer who belongs to the 1972 batch of Regional Engineering College, Tiruchirappalli in Tamilnadu.
- He is a Registered valuer of the Central Board of Direct Taxes, a Professional Engineer and also a Chartered engineer. Valuation is his main profession..
- He was the National Vice-President of the Institution of Valuers (India) for 11 terms.
- He is a regular contributor of articles in the Indian Valuer Journal from the year 1985. His articles especially his regular column “Questions & Opinions” are very popular among the practising valuers in India.
- His book “Guidelines on Valuation for Banks” (2002) is used to be referred by many banks. The valuation formats designed by him were accepted and adopted as the formats by many banks in the country.
- His son K. Arun and daughter B.K. Aruna are also approved valuers and they also contribute articles to the Indian valuer journal.
- His guru: Mr. C.H. Gopinatha Rao, Chennai.
- His mentor: Mr. R.K. Gandhi, Mumbai.
- His role model: Mr. S. Rajaratnam, Chennai.
- His best students: Thousands of valuers in the country
