Qualifications of registered valuers

8A. (1) For the purposes of sub-section (2) of section 34AB, the qualifications for registration as valuers of different classes of asset shall be as specified in sub-rules (2) to (11).

(2) A valuer of immovable property (other than agricultural lands, plantations, forests, mines and quarries) shall have the following qualifications, namely :—

(A) be a graduate in civil engineering, architecture or town planning of a recognised university; or

(B) be a post-graduate in valuation of real estate from a recognised university; or

(C) possess a qualification recognised 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]

(b) in a post under any other employer carrying a remuneration of not less than Rs. [2,000] per month,

and, in either case, must have retired or resigned from such employment after having rendered service for not less than [ten] years as a valuer, architect or town planner, or in the field of construction of buildings, designing of structures, or development of land; or

(c) 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 for [any qualification] referred to in clause (i), and must have retired or resigned from such employment after having taught for not less than [ten] years any of the subjects of valuation, quantity surveying, building construction, architecture, or town planning;

[( 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 and must have acquired experience in any of the following four fields :—

and his gross receipts from such practice should not be less than fifty thousand rupees in any three of the five preceding years :]

[Provided that in the case of a person possessing a post-graduate degree in valuation of real estate from a recognised university, the provisions of this sub-rule shall have effect as if,—

(3) A valuer of agricultural lands [other than plantations referred to in sub-rule (4)] shall have the following qualifications, namely :—

(ii) 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 (16 of 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.

(4) A valuer of coffee plantation, tea plantation, rubber plantation or, as the case may be, cardamom plantation shall have the following qualifications, namely :—

(i) 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

(5) 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 specialised knowledge in forestry.

(6) A valuer of mines and quarries shall have the following qualifications, namely:—

[(i) he must be a graduate in mining of a recognised university, or must possess a qualification recognised by the Central Government for recruitment to superior services or posts under the Central Government in the field of mining; and]

and, in either case, must have retired or resigned from such employment after having rendered service as a mining engineer for not less than [ten] years.

(7) 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 India [or 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) in a post under any other employer carrying a remuneration of not less than Rs. [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]

[(c) as a Company Secretary [or a Deputy Company Secretary] or an Assistant Company Secretary in a post carrying a remuneration of not less than Rs. [2,000] per month and must have retired or resigned from such employment after having rendered service for a period of not less than [ten] years.]

(8) A valuer of machinery and plant shall have the following qualifications, namely :—

(A) be a graduate in mechanical or electrical engineering of a recognised university; or

(B) possess post-graduate degree in valuation of machinery and plant from a recognised university; or

(C) possess a qualification recognised by the Central Government for recruitment to superior services or posts under the Central Government in the field of mechanical or electrical engineering; and]

(b) in a post under any other employer carrying a remuneration of not less than Rs. [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

(c) as a professor, reader or lecturer in a university, college or institution preparing students for a degree in mechanical or electrical engineering or for [any qualification] referred to in clause (i), and must have retired or resigned from such employment after having taught for a period of not less than [ten] years; or

( B) he must have been in practice as a consulting engineer [or valuer of machinery and plant] for a period of not less than ten 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 fifty thousand rupees in any three of the five preceding years :]

[Provided that in the case of a person, possessing a post-graduate degree in valuation of machinery and plant from a recognised university, the provisions of this sub-rule shall have effect as if,—

(b) for the words "fifty thousand rupees in any three of five preceding years", the words "fifty thousand rupees in any one of the two preceding years" had been substituted.]

[(9) 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.]

(10) A valuer of works of art shall have the following qualifications, namely:—

( i) he must have specialised 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

(ii ) he must have served in any one or more of the following capacities, namely:—

(a) Director General or Superintending Archaeologist of the Archaeological Survey of India;

(b) 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;

(d) member of the Art Purchase Committee of any of the museums referred to in sub-clause (b), or of the Lalit Kala Akademi.

(11) A valuer of life interest, reversions and interest in expectancy shall have the following qualifications, namely:—

(ii ) (a) he must have been in practice as an actuary under the Insurance Act, 1938 (4 of 1938), for a period of not less than [ten] years; or

(b) he must have rendered continuous service for a period of not less than [ten] years as an actuary under Government or in the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956); or

(c) he must have practised as an actuary or served as such under Government or in the Life Insurance Corporation of India referred to in sub-clause (b) for an aggregate period of not less than [ten] years.

(12) 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.

(13) Notwithstanding anything contained in sub-rules (1) to (12), no person shall qualify for registration as a valuer if,—

(b ) he has been convicted of an offence connected with any proceeding under the Income-tax Act, 1961 (43 of 1961), or the Wealth-tax Act, 1957 (27 of 1957), or the Gift-tax Act, 1958 (18 of 1958), or a penalty has been imposed on him under clause (iii) of sub-section (1) of section 271 or clause (i) of section 273 of the Income-tax Act, 1961, or under clause (iii) of sub-section (1) of section 18 of the Wealth-tax Act, 1957, or under clause (iii) of sub-section (1) of section 17 of the Gift-tax Act, 1958; or

[(d) he has been convicted of any offence and sentenced to a term of imprisonment; or

(i) 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

[( ii) 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.]]

[(13A) Notwithstanding anything contained in sub-rules (2), (6), (7), (8) and (11) as amended by the Wealth-tax (Second Amendment) Rules, 1988, the provisions of the said sub-rules, as they stood immediately before such amendment, shall continue to apply in the case of a person whose name is included in the Register of Valuers immediately before the 1st day of June, 1988, and who makes an application for continuation of his registration as a valuer under sub-section (1) of section 34AE, subject to the modification that in addition to the requirement that such person should have, for a period of not less than five years, rendered service in any capacity or taught any subject or practised any profession, such person should also have an experience of not less than five years as a valuer registered under section 34AB.]

[(14) The requirement laid down in any of the foregoing sub-rules that the applicant should have, for a period of not less than ten years or five years, as the case may be,—

as specified therein, shall be deemed to have been fulfilled if the period for which the applicant has rendered such service, taught such subject, practised such profession or otherwise gained experience in such other capacity or field, taken either singly or collectively, is not less than ten years or five years, as the case may be, in the foregoing sub-rules.]

Explanation [ 1].—In this rule, "recognised University" means any of the universities specified below, namely:—

I. Indian Universities : Any Indian University incorporated by any law for the time being in force.

III. English and Welsh Universities : The Universities of Birmingham, Bristol, Cambridge, Durham, Leeds, Liverpool, London, Manchester, Oxford, Reading, Sheffield and Wales.

IV. Scottish Universities : The Universities of Aberdeen, Edinburgh, Glasgow and St. Andrews.

V. Irish Universities : The Universities of Dublin (Trinity College), the Queen’s University, Belfast and the National University of Dublin.

VI. Pakistan Universities : Any Pakistan university incorporated by any law for the time being in force.

VII. Bangladesh Universities : Any Bangladesh University incorporated by any law for the time being in force.]

[ Explanation 2.—Where the membership of any institution is recognised by the Central Government as a qualification for the purpose of recruitment to superior services or posts under the Central Government in any field, such membership shall not be regarded as a requisite qualification for the purposes of this rule, unless the membership has been granted on the basis of passing the examinations conducted by the institution.]

51. Inserted by the Wealth-tax (Third Amendment) Rules, 1972, w.e.f. 15-11-1972.

52. Substituted by the Wealth-tax (First Amendment) Rules, 1995, w.e.f. 31-1-1995. Prior to its substitution, clause (i) was substituted by the Wealth-tax (Amendment) Rules, 1977, w.e.f. 12-1-1977, read as under :

"( i) he must either be a graduate in civil engineering, architecture or town planning of a recognised university, or possess a qualification recognised 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"

53. Substituted for "1,000" by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988.

54. Substituted for "five" by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988.

55. Substituted by the Wealth-tax (Amendment) Rules, 1977, w.e.f. 12-1-1977.

56.Substituted by the Wealth-tax (Amendment) Rules, 1993, w.e.f. 8-2-1993. Prior to its substitution, sub-clause (B), as amended by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988, read as under :

"(B ) he must have been in practice as a consulting engineer, surveyor or architect for a period of not less than ten 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."

57. Inserted by the Wealth-tax (First Amendment) Rules, 1995, w.e.f. 31-1-1995.

58. Inserted by the Wealth-tax (First Amendment) Rules, 1997, w.e.f. 5-3-1997.

` 59. Substituted by the Wealth-tax (Amendment) Rules, 1977, w.e.f. 12-1-1977.

60. Substituted for "1,000" by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988.

61. Substituted for "five" by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988.

62. Inserted by the Wealth-tax (Second Amendment) Rules, 1974, w.e.f. 8-10-1974.

63. Substituted by the Wealth-tax (Amendment) Rules, 1993, w.e.f. 8-2-1993. Prior to its substitution, sub-clause (A), as amended by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988, read as under :

"(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, or".

64. Substituted for "1,000" by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988.

65. Substituted for "five" by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988.

66. Inserted by the Wealth-tax (Second Amendment) Rules, 1974, w.e.f. 8-10-1974.

67. Inserted by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988.

68. Substituted for "1,000" by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988.

69.Substituted for "five" by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988.

70. Substituted by the Wealth-tax (First Amendment) Rules, 1997, w.e.f. 5-3-1997. Prior to its substitution, clause (i), as substituted by the Wealth-tax (Amendment) Rules,1977, w.e.f.12-1-1977, read as under :

"(i) he must either be a graduate in mechanical or electrical engineering of a recognised university, or possess a qualification recognised by the Central Government for recruitment to superior services or posts under the Central Government in the field of mechanical or electrical engineering; and".

71. Inserted by the Wealth-tax (First Amendment) Rules, 1997, w.e.f. 5-3-1997.

72 Substituted by the Wealth-tax (Amendment) Rules, 1977, w.e.f. 12-1-1977.

73. Substituted by the Wealth-tax (Amendment) Rules, 1993, w.e.f. 8-2-1993. Prior to its substitution, sub-clause (B), as amended by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988, read as under :

"(B) he must have been in practice as a consulting engineer for a period of not less than ten years and must have, in the opinion of the Board, acquired sufficient experience in the valuation of machinery and plant."

74. Inserted by the Wealth-tax (First Amendment) Rules, 1997, w.e.f. 5-3-1997.

75 Inserted by the Wealth-tax (First Amendment) Rules, 1997, w.e.f. 5-3-1997.

76. Substituted for the following sub-rule (9) by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988 :

"(9) 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 a turnover of not less than Rs. 1 lakh or profits of not less than Rs. 15,000 in two out of the three accounting years immediately preceding the year in which the application for registration as a valuer is made by him."

77. Inserted by the Wealth-tax (Fourth Amendment) Rules, 1988, w.r.e.f. 1-6-1988.

78 Substituted for "five" by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988.

79. Substituted for clause (d) by the Wealth-tax (Second Amendment) Rules, 1980, w.e.f. 28-1-1980.

80. Substituted for the following clause (ii ) by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988 :

"(ii) in any other case, by the Board in accordance with the procedure laid down in rules 8F to 8L, which, in the opinion of the Board, renders him unfit to be registered as a valuer."

81. Inserted by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988.

82. Substituted by the Wealth-tax (Amendment) Rules, 1993, w.e.f. 8-2-1993. Prior to its substitution, sub-rule (14), as inserted by the Wealth-tax (Amendment) Rules, 1974, w.e.f. 8-10-1974, read as under:

"(14) The requirement laid down in any of the foregoing sub-rules that the applicant should have, for a period of not less than five years,

(i) rendered service in any capacity, or

(ii) taught any subject, or

(iii) practised any profession, or

(iv) gained experience in any other capacity or field,

as specified therein, shall be deemed to have been fulfilled if the period for which the applicant has rendered such service, taught such subject, practised such profession or otherwise gained experience in such other capacity or field, taken either singly or collectively, is not less than five years and the Board is of opinion that the applicant has acquired sufficient experience in the valuation of the class of assets of which he seeks to be registered as a valuer."