Schedule AL valuation in Kolkata
Once yearly income crosses fifty lakh rupees, the tax return includes Schedule AL, a statement of assets and liabilities. In Kolkata the hard rows are almost always property rows, because so much property here was never bought by the person filing.
The Kolkata version of the problem
Schedule AL asks for cost. For a flat bought in 2018, cost is on the deed. But the Kolkata filer often holds a share of a grandfather's house, or a property that came through a family arrangement, or a house whose only paper is a 1948 deed. The cost of such property has to be established through the legal rules for inherited assets, and the figures inside that working are what we certify.
Who typically needs this here
- Business families whose income crosses the threshold while the property is still held jointly and informally.
- Professionals who inherited a share of an ancestral house and are filing Schedule AL for the first time.
- Filers whose old family property was partitioned, where each share needs its own cost basis.
- NRIs returning to resident status with Kolkata property that has to be listed correctly from year one.
The figure filed in Schedule AL should match the cost basis claimed if the property is ever sold. Officers cross check exactly this. Establishing it once, with a certificate, keeps every future filing consistent.
Schedule AL questions from Kolkata
- Our house has never been formally valued in seventy years. Where do we even start?
With one inspection and the family's papers, whatever exists. We establish the applicable cost figures with evidence, and your CA slots them into the return. The seventy year gap is normal for us, not a crisis.
- I hold one third of the family house. What do I declare?
Your share, at its properly established cost. The certificate states the share and the working, so your filing matches your siblings' filings instead of contradicting them.
- Does Schedule AL want today's market value?
No, it wants cost. That is precisely why old Kolkata property is tricky: the cost must be constructed under the rules, not guessed from today's prices. That construction is what our certificate supports.
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Checked by Parish Rao, Chartered Engineer and Government Approved Valuer.
Page last checked on 23 August 2026.
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