The house was bought in 1968. Is the 2001 value obviously worth getting?

Almost certainly. On a holding of that age the substitution usually changes the tax by a very large amount, and it needs to be evidenced properly rather than estimated.

The property was let to a mission in 2001. Does that lower the 2001 value?

It changes it, and the direction depends on the lease terms. A strong long lease can support value. A restrictive one can depress it. We read what survives rather than assume either way.

Very few houses sell here. How do you evidence 2001?

With the sales that did occur, supported by evidence from adjoining category A colonies adjusted for the differences, and the notified rate history. The report identifies every comparable used and every adjustment made.

We rebuilt in 2005. How is that treated?

As a cost of improvement indexed from 2005, separate from the land share which takes the 2001 value. Keep whatever construction records exist, because they support the claim.

Capital Gains Valuation in Vasant Vihar

Vasant Vihar was complete long before 2001 and the land carries almost all the value, which makes this one of the colonies where the 1 April 2001 substitution is worth the most money.

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Old holdings, very large gains

Many properties here have been held since the sixties and seventies. Against a current value, an original cost from that period is negligible, and taxing the difference without substitution would tax five decades of inflation as profit.

The 2001 value replaces that original cost, and after indexation it becomes a substantial deduction. On a Vasant Vihar property this is routinely the largest single item in the whole computation.

Land does the work

Because land is the overwhelming share of value here, the age and condition of the house matters far less than it would elsewhere, both today and as at 2001.

The report values land and structure separately. That split also answers the improvement question cleanly, because a rebuild is a cost with its own year rather than something that muddies the land figure.

Tenancy at the valuation date

Embassy and mission tenancies are a real feature of this colony and they were in 2001 as well. A property let on a long institutional lease had a different value from an empty one then, exactly as it does now.

So the 2001 valuation has to reflect the tenancy position at that date, not today's. We ask what the position was and we read whatever survives.

Evidence for a category A colony

Recorded sales from around 2001 of comparable plot sizes, the notified circle rate history for the top band, and adjoining colony evidence where the sample is thin. Transactions here have always been few, so each one carries weight and the selection has to be defensible.

Questions we get in Vasant Vihar

The house was bought in 1968. Is the 2001 value obviously worth getting?: Almost certainly. On a holding of that age the substitution usually changes the tax by a very large amount, and it needs to be evidenced properly rather than estimated.
The property was let to a mission in 2001. Does that lower the 2001 value?: It changes it, and the direction depends on the lease terms. A strong long lease can support value. A restrictive one can depress it. We read what survives rather than assume either way.
Very few houses sell here. How do you evidence 2001?: With the sales that did occur, supported by evidence from adjoining category A colonies adjusted for the differences, and the notified rate history. The report identifies every comparable used and every adjustment made.
We rebuilt in 2005. How is that treated?: As a cost of improvement indexed from 2005, separate from the land share which takes the 2001 value. Keep whatever construction records exist, because they support the claim.

Checked by Parish Rao, Chartered Engineer and Government Approved Valuer (Registration number CAT-I/443/117/2000-01).

Page last checked on 7 October 2026.