Create revaluation reserve for assets sold during the yr

Hello Mr. Jain,

By revaluing your land, you will not be able to increase the value of land from the tax prospective.  For the Income tax purpose the land will be valued at cost only & not on revalued amount, there by the profit on sale of land will be determined on sale value less original cost of land & not revalued amount.

Yes, you can definately get the benefit of indexation on the original cost of land provided land is possessed by you for the period of more than 3 years from the date of sale of land.