We jointly have a residential property in mumbai.
For tax purpose I want to evaluate it's past value on year to year basis.
My understanding is that :
On the basis of Maharastra Government yearly reckoner rate Rs./sq mt for the location, the value can be worked out for a particular year.
My question is..
Is it the right way to arrive the value of a flat?
What about the floor height, is it to be added or not? If yes , than how to work out?
How to work out and deduct the depreciation on yearly basis to arrive the correct value of the flat? Not the market value.
What will be the share of liability in joint property taxation.? We do not envisage any dispute in share, but how to arrive, mutually to document on retrospective date? Registration deed of the flat is silent on share of it in between the joint owners.