Which of the following four is not the method of valuation of open land?
The Progression method is not the method of valuation of open land.
For the purposes of income tax, wealth tax, banks, and embassies, valuation of open property or any other property is required. In order to submit annual returns to the income tax department, valuation is necessary for income tax and wealth tax purposes.
Even in order to obtain loans from banks and to show assets to the embassies (to obtain visas), valuation is necessary. There are different valuation methods: