808/CBDT. - Income Tax - 808/CBDT

INSTRUCTION NO. 808/CBDT Dated : December 2, 1974 Section(s) Referred: Rule 3A of WT Rule Statute: Wealth Tax Act, 1957 Sub-rule (3) of the Rule 3A lays down monetary limits for Valuation of properties to be done by District Valuation Officer, Valuation Officers Assistant Valuation Officers. 2. An assessee may have only a share in a large property and, therefore, the value of the asset as declared by him represents only a share of the value of the property as a whole. Under Rule 3A, however, if the value of the assessee's share in such properties does not exceed Rs. 2 lakhs, though the value of the property as a whole is much higher, the Wealth-tax Officer will have to refer the question of valuation of this property to Assistant Valuation Officer. The Board, would suggest that in such cases the valuation may be done by Valuation Officers in terms of proviso to Rule 3A not by Assistant Valuation Officers. 3. Officers working in your charge may, therefore, be directed to refer valuation of properties in which the assessee has a share and the value of the assessee's interest does not exceed Rs. 2 lakhs, to the Valuation Officer and not to the Assistant Valuation Officers.