valuation of the property
Querist :
Anonymous
(Querist) 28 April 2011
This query is : Resolved
Dear sir
My mother is likely to acquire two row houses through sucession of his brother since he expired on april. The query is to understand the valuation since we had paid some money as a bond in the court proceeding based on the paper value in which it was originally
purchased on 1996 thinking that my mother who is the only sister with blood relation and my uncle being unmarried when he expired and she will be acquiring this as a gift.
But now we had got a letter from the collector office in chennai stating that they will be visiting to confirm the value mentioned .\
pl give your expert advice if my mother is to acquire the property through gift is it that we have to revalue it as per present value and its locality and pay the defecit amount or what we had initially paid as a bond based on the purchased document is correct pl reply
Regards
R_PVK
Guest
(Expert) 29 April 2011
Undervalued property can be acquired by the Government by paying the stated cost. Better contact a local advcate to set right the things before any such action is taken by the collector to acuire the property.
