Assessment of present Market Value of Land/Residential/Agricultural Property
The registered valuer follows a standard process for the purpose of arriving at the valuation and issues a detailed valuation report for the same. We look at the importance of fair market value under the tax laws and how one can arrive at or obtain the fair market value of a property. The income tax laws do not provide any guidelines on how the fair market value of a property has to be arrived at. However, there are certain ways through which you can make an estimation of the fair market value of the property which would, generally, be acceptable to the Income-Tax Department. Circle rate is the value below which a property cannot be bought or sold in an area. At this point, note that circle rates vary from locality to locality. They are revised from time to time by the local authorities, to keep the value close to the existing market value of property in a particular area.