Market price depends entirely on condition. It should be ₹ 2.5 lacs at a bare minimum, but can be higher depending on condition.
Question - is the license renewed and currently valid? If it is, fine. If not, then you need to have it renewed ASAP or deposit the revolver with a licensed arms & ammunition dealer and obtain a receipt for the same from the dealer.
If your father is able to write/ sign an application, then he can directly apply to the licensing authority for permission to sell.
For details on this process, as followed in Delhi, please visit
http://delhipolicelicensing.gov.in/Home/arms
Generally speaking the process works as follows:
1. The person wishing to sell the firearm must apply for permission to do so, from the licensing authority from where his license is issued/ renewed.
a) The application would be in the prescribed format and would mention the name and address of the authorised arms dealer (if selling to a dealer), or the license number and photocopy of the arms license of the individual buyer depicting clearly that he /she has the authorisation to buy said firearm.
b) In Delhi they additionally require an affidavit for sell/transfer/gift of a firearm.
c) The applicant (person wishing to sell his/ her firearm) would bring the application form along with the required documents to the Licensing Unit. His arms license will be stamped accordingly. Now he/ she must wait for 45 days from this date.
d) After expiry of 45 days period, applicant would approach the licensing authority for obtaining permission to sell/transfer/gift the said firearm. Once permission is granted, he/ she must sell the firearm within 1 month of obtaining the permission.
c) Once the sale has been completed. The seller will request the firearm to be deleted from his/ her license and a permission to buy another firearm be endorsed OR the seller may request that entry for the firearm be deleted OR (in case that is the only firearm endorsed on the license) that the license be cancelled/ surrendered.
Documents required to delete weapon already sold/transferred/gifted:-
- Application form on plain paper mentioning the detail of firearm to be deleted
- Original arms license.
Procedure: - After sale of firearm as above, the applicant should bring the application along with the Arm License in original to Licensing Unit for deletion of the firearm within 15 days of sale.
HTH
Cheers!
Abhijeet