20 March 2015
Azan received a vacant site under his father‟s will which was purchased by his father at a cost of `15 Lakhs. The value of the site on 31.3.2015 is `25 Lakhs. As per terms of the "Will" in the event Azan wants to sell the site he should offer it to his brother for sale at `20 Lakhs. Azan, therefore, claims that the value of the site should be taken at `20 Lakhs as at 31.3.2015. Is the claim correct?