Signed in fountain pen, "M K Gandhi," the rare photo was taken after the second session of India's Round Table Conference in London in September 1931.
Reverse of photo bears two Associated Press of Great Britain copyright stamps, as well as collector's ink notations identifying Malaviya and the date.
The photo dates to a period in which Gandhi, suffering from pain in his right thumb, opted to write with his left hand, a temporary inconvenience that lasted from August 8-December 19, 1931, according to US-based RR Auctions.
Malaviya, who had formerly been president of the Congress and played a significant role in the Gandhi-led non-cooperation movement, joined him as a representative advocating for a free India.
The bidding for the photograph ends on March 7.
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