Section 55A - Reference to Valuation Officer - Income Tax - Ready Reckoner - Income Tax

Section 55A : REFERENCE TO VALUATION OFFICER With a view to ascertaining the fair market value of a capital asset for the purposes of the chapter of capital gain, the assessing officer may refer the valuation of capital asset to the Valuation Officer. in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the Assessing Officer is of the opinion that the value so claimed is at variance with its fair market value: in any other case, if the assessing officer is of opinion: that the fair market value of the asset exceeds the value of the asset as claimed by the assessee by more than 15% of the value of the asset as so claimed or by more than 25,000, whichever is less or that having regard to the nature of the asset and other relevant circumstances, it is necessary so to do. Note:- Percentage of value of asset referred to in section 55A is as per the Rule 111AA The Central Government have appointed a large number of Valuation Officers u/s 12A of the Wealth Tax Act and these Valuation Officers exercise their functions in relation to the categories of assets for which they have been appointed. The jurisdiction of the valuation officers has been defined in rule 3A of Wealth Tax Rules. The Valuation Officer exercises the same jurisdiction for Income tax purposes also.