Calculating the value of a property requires expertise. You can hire property valuation experts to give you an accurate value of your property. These expert valuers are equipped with vast knowledge of the property market that helps them arrive at the right value.
As per the Income Tax Act, 1961, the fair market value is the price that you may get for selling an asset in the open market on any particular date. It is either equal to the cost price of the property or the current sale price of the property in the open market (whichever of the two is higher).
Home valuation is a complex process that requires expert knowledge of not just current sale prices but also various other factors related to market conditions. If you hire an expert for home valuation, you will have to pay the charges. These charges depend on the type of property, scope of examination, and certain other factors.