valuation of land and bulding

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

30 October 2010 I am doing first time audit of a Tample trust. how should I value land and bulding trust.

1. Land is bought 70-80 years ago and now trust has no documents of purchase. I have got a B-1 Khasra copy of government record which shows only ownership of land. but no documents avalable related to cast of purchase. whether I can value it at current value for the purpose of stamp duty valuation authority.

2. building also built 25 years ago now trust has no records related to cost. how can I estimate it.

3 Can you provide me mandir trust audit format.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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30 October 2010 You are a auditor of the trust, this is not your job to make valuation or extimation of property.

If , there is no record of land , means somebody might have donated to temple, in the same way bulding might have constructed by people support.

In this case you make take the nominal value of land and building i.e. Rs 1.

Querist : Anonymous

Querist : Anonymous (Querist)

30 October 2010 It is not donated ,

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Querist : Anonymous

Querist : Anonymous (Querist)

30 October 2010 it has been bought at about1000- 2000 according to trustee , bulding also constructed by trust by trust fund ans donation ......... but trust started maintaining accounts 3 years before.