The house came to me through a family settlement deed. What is my cost?

The rules usually trace cost through the settlement to the previous holder, and for old property to the 2001 value. Your CA applies the tracing; we certify the property figures inside it, so both documents agree.

Do I list my flat or my undivided share of land?

You list the asset you own, which in Chennai practice is the flat with its land share. What matters is a cost figure built correctly for it. We prepare that with land and building treated properly.

I am an NRI turned resident this year. Does everything need valuing?

Not everything, and not at market. The schedule wants cost under the rules, asset by asset. We go through your Chennai holdings once, establish each figure, and your filings stay consistent from year one.

Schedule AL valuation in Chennai

Cross fifty lakh rupees of income and Schedule AL joins your tax return: everything you own, listed at cost. Chennai filers hit the same wall every year: what is the cost of the family house in Mylapore that nobody alive ever bought?

Why cost is the hard part here

For recent purchases the deed answers it. But Chennai wealth often sits in property that arrived by inheritance or settlement, sometimes generations back. The rules construct a cost for such assets, usually tracing to the previous owner or to the 1 April 2001 value for the oldest holdings. The construction needs figures that can be defended, and those figures are what we certify.

Chennai filers who come to us

Professionals and business owners filing Schedule AL for the first time with a share of family property.
Heirs whose property was settled among siblings, each needing a consistent cost for their share.
NRIs returning to resident filing, whose Chennai flats and plots enter the schedule and must start right.
Owners of flats where the undivided share of land complicates what the asset even is on paper.

Whatever cost enters Schedule AL should be the same story told at sale time. Assessing officers compare the two filings, and inconsistency is what triggers questions. One certificate keeps the story straight for years.

Schedule AL questions from Chennai

The house came to me through a family settlement deed. What is my cost?: The rules usually trace cost through the settlement to the previous holder, and for old property to the 2001 value. Your CA applies the tracing; we certify the property figures inside it, so both documents agree.
Do I list my flat or my undivided share of land?: You list the asset you own, which in Chennai practice is the flat with its land share. What matters is a cost figure built correctly for it. We prepare that with land and building treated properly.
I am an NRI turned resident this year. Does everything need valuing?: Not everything, and not at market. The schedule wants cost under the rules, asset by asset. We go through your Chennai holdings once, establish each figure, and your filings stay consistent from year one.

Everything we do in Chennai
The full guide to Schedule AL valuation
Try the free Schedule AL calculator
Articles about Schedule AL

Checked by Parish Rao, Chartered Engineer and Government Approved Valuer.

Page last checked on 23 August 2026.

Filing Schedule AL with Chennai property?

Leave your number and we will call you back. We will tell you which report you need and what it costs, free of charge.

In a hurry? Call +91 98681 69747 instead.