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REGISTERED VALUER UNDER WEALTH TAX ACT, 1957 – PART I

Wealth Tax - By: - Mr. M. GOVINDARAJAN - Dated:- 19-9-2016 Last Replied Date:- 23-5-2017 - Appearance Section 34AA of the Act provides that notwithstanding anything contained in this Act, any assessee who is entitled to or required to attend before any wealth-tax authority or the Appellate Tribunal in connection with any matter relating to the valuation of any asset, except where he is required under this Act to attend in person, may attend by a registered valuer. Qualifications for Registered v .....

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niversity; or be a post-graduate in valuation of real estate from a recognized university; or possess a qualification recognized by the Central Government for recruitment to superior services or posts under the Central Government in the field of civil engineering, architecture or town planning; and (A) he must be a person formerly employed- in a post under Government as a gazetted officer; or in a post under any other employer carrying a remuneration of not less than ₹ 2,000 per month, and .....

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resigned from such employment after having taught for not less than 10 years any of the subjects of valuation, quantity surveying, building construction, architecture, or town planning; OR (B) he must have been in practice as a consulting engineer,valuer of real estate, surveyor or architect for a period of not less than ten years ( in case he possesses a post graduate in valuation of real estate from a recognized University- two years) and must have acquired experience in any of the following .....

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d not be less than ₹ 50,000/- in any of the two preceding years. Valuer of agricultural lands Rule 8A (3) prescribes the qualifications for the valuer of agricultural lands, other than plantations which are as follows- he must be a graduate in agricultural science of a recognized university and must have worked as a farm valuer for a period of not less than five years; or he must be a person formerly employed in a post under Government as a Collector, Deputy Collector, Settlement Officer, .....

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tion, rubber plantation, cardamom plantation which are as follows- he must have, for a period of not less than five years, owned, or acted as manager of a coffee, tea, rubber or, as the case may be, cardamom plantation having an area under plantation of not less than four hectares in the case of a cardamom plantation or forty hectares in the case of any other plantation; or he must be a person formerly employed in a post under Government as a Collector, Deputy Collector, Settlement Officer, Land .....

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sively grown. Valuer of forests Rule 8A(5) provides that a valuer of forest must be a person formerly employed in a post under Government and must have retired or resigned from such employment after having rendered service for not less than five years in a gazetted post requiring specialized knowledge in forestry. Valuer of mines and quarries Rule 8A (6) provides that a valuer of mines and quarries shall have the following qualifications- he must be a graduate in mining of a recognized universit .....

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ess than 10 years. Valuer of stocks Rule 8A(7) provides that a valuer of stocks, shares, debentures, securities, shares in partnership firms and of business assets, including goodwill but excluding those referred to in sub-rules (2) to (6) and (8) to (11), shall have the following qualifications, namely- (i) he must be a member of the Institute of Chartered Accountants of India or the Institute of Cost and Works Accountants of Indiaor the Institute of Company Secretaries of India; and (ii) (A) h .....

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must have retired or resigned from such employment after having rendered service for a period of not less than ten years in the field of audit and accounts or taxation work, or as a Company Secretaryor a Deputy Company Secretary or an Assistant Company Secretary in a post carrying a remuneration of not less than ₹ 2,000 per month and must have retired or resigned from such employment after having rendered service for a period of not less thanten years. Valuer of plant and machinery Rule 8A .....

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her employer carrying a remuneration of not less than ₹ 2,000 per month, and, in either case, must have retired or resigned from such employment after having rendered service as a mechanical or electrical engineer or valuer of machinery and plant] for a period of not less than ten years, or as a professor, reader or lecturer in a university, college or institution preparing students for a degree in mechanical or electrical engineering or forany qualification referred to above, and must hav .....

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having post graduate - ₹ 50,000/-in any one of the two preceding years); Valuer of jwellery Rule 8A (9) provides that a valuer of jewellery must have been, for a period of not less than five years, a sole proprietor or partner in a partnership firm carrying on jewellery business which has on an average an annual turnover of not less than rupees 15 lakhs or profit (including fees for valuation of not less than rupees fifty thousand) in the last three accounting years immediately preceding t .....

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st of the Archaeological Survey of India; Director of National Museum, New Delhi, Salar Jung Museum, Hyderabad, Prince of Wales Museum, Bombay, Indian Museum, Calcutta, Asutosh Museum, Calcutta, Madras Museum, Madras or Bharat Kala Bhavan, Varanasi; principal of a Government School of Art; member of the Art Purchase Committee of any of the museums or of the Lalit Kala Akademi. Valuer of life interest, reversions and interest in expectancy Rule 8A (11) provides that a valuer of life interest, rev .....

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ve practiced as an actuary or served as such under Government or in the Life Insurance Corporation of India for an aggregate period of not less thanten years. Disqualifications The following are the disqualifications meant for the registration of valuer under the provisions of the Act and the Rules- No person shall qualify for registration as a valuer, other than as a valuer of works of art, if he is employed under Government or any other employer. he has been dismissed or removed from Governmen .....

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