My Grandfather purchased a SHOP at 1975. After death of my grandfather , my father became the owner of that SHOP at 1992. My father has died on 11/5/2009. I have sold that SHOP in AUG- 2009.
Cost in 1975 Rs 20000.00
Sale in 2009 Rs 428000.00
Market Value as per GOVT Registered Office in 2009 of that SHOP — Rs 675000.00
It is very difficult to compute the MARKET VALUE as on 1/4/1981.
How I can compute the capital gain of that SHOP.

Ramen Ghosh , Chandan Nagore

Any capital asset purchased before 1/4/1981 can be valued at market price as on 1/4/1981. This is also valid in case you receive the capital asset as Gift or inherit it. Indexation of this value considerably reduces the capital gains and in fact in many case , capital loss may come out.

However, it is equally true when the question of valuation comes for ordinary taxpayers. How the market value as on 1/4/1981 can be ascertained by ordinary taxpayer? Moreover, even if you do , tax officer may not believe it because you are not either capable of finding it or authorised person to do it.

For this very purpose , Govt has formulated scheme of registering Valuer who have the specialisation on valuation of different types of capital assets. These are  registered with the Chief Commissioner of Income Tax . So , you should approach Public Information officer for a list of register valuer in  the office of  Chief Commissioner of Income Tax office , usually at Aayakar Bhavan at our place.

After that approach the valuer ,  pay his fees and obtain a valuation report as on 1/4 1981