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I Purchased a House for 1.56 lakh rupees in 1986. What would be its Fair Market Value in 2001?

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0 2023-10-31T12:32:18+00:00
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To calculate the fair market value of a property in India in 2001, you can use the Cost Inflation Index (CII) provided by the Indian government.

The CII value for the base year (1981-82) was 100, and for the assessment year (2001-02), it was 426.

Calculate the indexed cost of acquisition using the following formula:

Indexed Cost of Acquisition = (Cost Inflation Index for the Assessment Year / Cost Inflation Index for the Base Year) x Actual Cost of Property

Indexed Cost of Acquisition = (426 / 100) x 1,56,000

Calculate the fair market value by adjusting for inflation:

Fair Market Value in 2001 = Indexed Cost of Acquisition

Fair Market Value in 2001 = (426 / 100) x 1,56,000

 Fair Market Value in 2001 = 6,65,760 rupees

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To calculate the fair market value of a property in India in 2001, you can use the Cost Inflation Index (CII) provided by the Indian government.

The CII value for the base year (1981-82) was 100, and for the assessment year (2001-02), it was 426.

Calculate the indexed cost of acquisition using the following formula:

Indexed Cost of Acquisition = (Cost Inflation Index for the Assessment Year / Cost Inflation Index for the Base Year) x Actual Cost of Property

Indexed Cost of Acquisition = (426 / 100) x 1,56,000

Calculate the fair market value by adjusting for inflation:

Fair Market Value in 2001 = Indexed Cost of Acquisition

Fair Market Value in 2001 = (426 / 100) x 1,56,000

 Fair Market Value in 2001 = 6,65,760 rupees

Need help with legal documentation? Contact NoBroker  Invest in property. Buy verified property online via NoBroker

 

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