Valuation in Tamilnadu Valuation of Immovable Properties - Land & amp; Building Building Vacation - In order to ascertain the valuation of a building by calculating the present value of building with amenities after deduction of the depreciation of the building - i.e. the depreciated value of the building. Income Tax Valuation For income tax purposes, cost of construction is renewed while submitting income tax return and similarly capital gain should also be calculated while selling the property.