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 valuer
Rule 8A of the Wealth Tax Rules, 1957 provides the qualifications of the Registered Valuer. The said Rule prescribes the qualifications for registration of valuers of different classes of asset.
Valuer of immovable property
Rule 8A(2) prescribes the qualifications for registered valuer for immoveable property, other than agricultural lands, plantations, forests, mines and quarries as below-
- be a graduate in civil engineering, architecture or town planning of a recognized university; 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, in either case, must have retired or resigned from such employment after having rendered service for not less than 10 years as a valuer, architect or town planner, or in the field of construction of buildings, designing of structures, or development of land; or
- as a professor, reader or lecturer in a university, college or any other institution preparing students for a degree in civil engineering, architecture or town planning, or forany qualification referred to above and must have retired or 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 four fields :-
- valuation of buildings and urban lands; or
- quantity surveying in building construction; or
- architectural or structural designing of buildings or town planning; or
- construction of buildings or development of land;
and his gross receipts from such practice should not be less than fifty thousand rupees in any three of the five preceding years. In case if he is possessing post graduate in valuation of real estate from a recognized university his gross receipts from such practice should 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, Land Valuation Officer, Superintendent of Land Records, Agricultural Officer, Registrar under the Registration Act, 1908, or any other officer of equivalent rank performing similar functions and must have retired or resigned from such employment after having rendered service in any one or more of the posts aforesaid for an aggregate period of not less than five years.
Valuer for plantations
Rule 8A (4) prescribes the qualifications for valuer of plantations, such as coffee plantation, tea plantation, 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 Valuation Officer, Superintendent of Land Records, Agricultural Officer, Registrar under the Registration Act, 1908, or any other officer of equivalent rank performing similar functions and must have retired or resigned from such employment after having rendered service in any one or more of the posts aforesaid for an aggregate period of not less than five years, out of which not less than three years must have been in areas, wherein coffee, tea, rubber or, as the case may be, cardamom is extensively 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 university, or must possess a qualification recognized by the Central Government for recruitment to superior services or posts under the Central Government in the field of mining; and
- 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, in either case, must have retired or resigned from such employment after having rendered service as a mining engineer for not less 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) he must have been in practice as a chartered accountant or a cost and works accountant or a company secretary for a period of not less than ten years and his gross receipts from such practice should not be less than fifty thousand rupees in any three of the five preceding years, or
(B) 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, in either case, 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 (8) provides that a valuer of machinery and plant shall have the following qualifications-
- be a graduate in mechanical or electrical engineering of a recognized university; or
- possess post-graduate degree in valuation of machinery and plant from a recognized university; or
- possess post-graduate degree in valuation of machinery and plant from a recognized university; or
- (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, 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 have retired or resigned from such employment after having taught for a period of not less thanten years; or
- (B) he must been in practice as a consulting engineer or valuer of machinery and plant for a period of not less than 10 years (in case of a person having post graduate – 2 years) and must have acquired experience in the valuation of machinery and plant and his gross receipts from such practice should not be less than ₹ 50,000/- in any three of five preceding years (in case of a person 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 the year in which the application for registration as a valuer is made by him.
Valuer of works of art
Rule 8A (10) provides that a valuer of works of art shall have the following qualifications, namely:-
- he must have specialized by virtue of his academic and professional pursuits in the particular line of art, for the works of which he seeks to be registered as a valuer, and
- he must have served in any one or more of the following capacities, namely:-
- Director General or Superintending Archaeologist 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, reversions and interest in expectancy shall have the following qualifications, namely:-
- he must be a graduate of a recognized university; and
- he must have-
- been in practice as an actuary under the Insurance Act, 1938 (4 of 1938), for a period of not less thanten years; or
- he must have rendered continuous service for a period of not less thanten years as an actuary under Government or in the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956; or
- he must have 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 Government service; or
- he has been convicted of an offence connected with any proceeding under-
- he is an undischarged insolvent; or
- he has been convicted of any offence and sentenced to a term of imprisonment; or
- he has been found guilty of misconduct in his professional capacity,-
- in a case where he is a member of any association or institution established in India having as its object the control, supervision, regulation or encouragement of the profession of engineering, architecture, accountancy, or company secretaries or such other profession as the Board may specify in this behalf by notification in the Official Gazette, by such association or institution; or
- in any other case, by the Chief Commissioner or the Director General in accordance with the procedure laid down in rule 8F and rules 8H to 8K, which in the opinion of the Chief Commissioner or the Director General, renders him unfit to be registered as a valuer.
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