You sold your property. Your Chartered Accountant has called to say
that the Circle Rate for your flat is
₹1.8 crore — but you only received
₹1.4 crore. Under the Income Tax Act, the difference
(₹40 lakh) will be added to your income and taxed as
capital gain, even though you never received it.
Your family’s flat was purchased in 1979 for ₹3.5 lakh.
The cost after inflation, at today’s rates, should be several crore —
but if you can’t prove it, the Income Tax Act calculates your gain from
₹3.5 lakh. And your mother’s gold jewellery, the family
silver, the Husain canvas in the drawing room — each of
these is a capital asset whose original cost your CA needs documented
before this financial year’s return can be filed.
There are answers to all three problems — and they are
legal, statutory, and available to every Indian taxpayer.
A Government Approved Capital Gain Valuer’s certificate
under Section 34AB of the Income Tax Act is the evidence
that challenges the Circle Rate addition under Section 50C;
the retrospective FMV certificate that substitutes a higher base cost under
Section 55(2)(b); and the asset-class-specific certificate
for property, jewellery, art and shares that your CA uses
to compute the correct capital gain in the correct format.
A2Z Valuers under Nitesh Shrivastava — Civil Engineer,
Government Approved Valuer — produces all of them, across all
asset classes, under a single engagement.
PAN India. 250+ professional valuation services across India.
