What are different types of Values?
Fair Market value / open Market Value: A value given at specific time for specific purpose for a commodity where the transaction is between a willing seller and willing buyer under no forced circumstances. Liquidation /Forced Sale/ Distress Value: The amount which may reasonably be expected to be obtained from the sale of a property within a time frame too short to obtain a value under open market conditions. Potential Value: It is estimated in a situation when a property has got an inherent value which may enhance with the passage of time or in some alternative use within sight. Special Value: It arises when a property offered for sale is of specialized nature & has a utility restricted to particular use or user. Salvage Value: Is attached to a property which has already run its useful span of life but has not become absolutely useless in as much as the material it contains may be disposed off for value. Replacement Value: Is obtained by working out the present cost of equivalent prop
