Wealth Tax Act-Rule 8A-Qualification for registration as a valuer of immoveable property. - Income Tax - 1802/CBDT

INSTRUCTION NO. 1802/CBDT Dated: December 21, 1988 Rule 8A(2) of the Wealth-tax Rules 1957 prescribes various qualifications under which a person can be registered as a valuer of the immovable property (other than agricultural land, plantations, forests, mines and quarries). One such qualification is laid down in Rule 8A(2)(ii)(B) which states that person can be registered as a valuer of Immovable Property if such person has been in practice as a consulting engineer, surveyor or architect for a period of not less than five years (vide W.T.(Second Amendment)Rules, 1988 10 years has been substituted in place for 5 years) and must have, in the opinion of the Board acquired sufficient experience in any of the following fields:- a.Valuation of buildings and urban lands; b.Quantity surveying in building construction; c.Architectural or structural designing of buildings or town planning; or d.Construction of buildings or development of land. Similarly Rule 8A(8) lays down various qualifications under which a person can be registered as a valuer of Machinery Plant. Rule 8A (8)(ii)(B) prescribed the following qualification under which a person can be registered as valuer or Plant and Machinery. "he must have been in practice as a consulting engineer for a period of not less than five years and must have in the opinion of the Board acquired sufficient experience in the valuation of machinery and plant". In a Board meeting held on 8.7.77 to discuss what criteria can be followed in respect of Rule 8A(2)(ii)(B) and Rule 8A(8)(ii)(B), the para (6), of the 'Brief' read as follows:- "..... it is proposed that ordinarily the following criterion may be applied by the Board to form the opinion that the applicant has acquired sufficient experience in relevant fields;- i. The gross receipts as consulting engineer, surveyor or architect, for the purpose of Rule 8A(2)(ii)(B) in any three out of the last five years in which the applicant has been in practice should not be less than Rs.15,000/- per annum. In case the applicant is a partner of firm, the proportionate share of the gross receipts should be less than this figure. ii The gross receipts as a consulting engineer for valuation of Machinery and Plant for the purpose of Rule 8A(8)(ii)(B) in any three out of the last five years in which the applicant has been in practice, should not be less than Rs.15,000/- per annum". The Gross receipts figure of "Rs.15,000/- per annum" mentioned in para(6) above of the brief has now been raised by the Board and in place of "Rs.15,000/- per annum" the following words are substituted. "......Rs.50,000/- per annum". The above revised criteria comes into operation with immediate effect.