Property Valuation - Property Transfer
A person or persons buying or selling any property or assets, where the networth of the property including furniture and fixtures, plant and machinery or rights of membership of a co-operative society etc; exceed Rs. 10,00,000/- (Rupees Ten lakhs) in apparent consideration, in metropolitan centre like Mumbai, Calcutta, Delhi, Chennai, Bangalore, Pune, Lucknow, Ahmedabad etc., it is obligatory for both the transferor or transferee to obtain prior permission for the transaction under Section 269 of Income Tax Act. However, the Supreme Court has given a decision in a case under Chapter XXC which relates to income tax acquisition, that a transferor and transferee must be served a "show cause notice" in order to allow natural justice to prevail and prevent violation of articles of the constitution in such cases. Your claims, especially regarding the price of assets to be transferred, to be fair, have to be substantiated. This can be done only by obtaining an official valuer’s certificate at the time of concluding a transaction. Therefore, to avoid additions of unexplained investments under various sections and wherever question pertaining to correct value of your possessions arises, especially for assessments in income tax, wealth tax or gift tax purposes, in order to avoid the embarrassment and trauma under Section 69, 69A, 69B and the consequent penalty, it is always desirable to obtain a qualified valuer’s report in property / assets transfer transactions.
Property Valuation for
- Income Tax
- Capital Gain Tax
- Wealth Tax
- Dissolution of a Partnership
- Rent and Depreciation
- Jewellery
- Property Transfer
- Purchase, Sale, Takeovers and Mergers
- Credits
- Bank Guarantees
- Projecting the Right Image
- Rupee Devaluation / Revaluation
- Advance payment against works contract
- Incentives
- Security with Power Supply Companies
- Duty Draw-Back and Export Incentives
- Foreign Collaboration
- Technological Know-how
- Import Duty
- Octroi
- Auction
- Vacating Premises
- Machine Rent
- S.S.I. Registration
- Hidden Costs
- General Insurance and Insurance Cover
- Stamp Duty
- Acquisition by Government
- Liquidator’s Role
- Co-op. Society and Charitable Trusts
- Last Testaments and Wills
- Visas
- Executive Perks
- Housing Loans
- Division of Assets in the Family
- Divorce
- Larger Public Interests
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