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Section 34AB – The Wealth-Tax Act, 1957

The Wealth-Tax Act, 1957

 

 

34AB. Registration of valuers .

 

1[34AB. Registration of valuers .—(1) The 6 [Chief Commissioner or Director-General] shall maintain a register to be called the Register of Valuers in which shall be entered the names and addresses of persons registered under sub-section (2) as valuers.

 

(2) Any person who possesses the qualifications prescribed in this behalf may apply to the 2[Chief Commissioner or Director-General] in the prescribed form for being registered as a valuer under this section:

 

Provided that different qualifications may be prescribed for valuers of different classes of assets.

 

(3) Every application under sub-section (2) shall be verified in the prescribed manner, shall be accompanied by such fees as may be prescribed and shall contain a declartion to the effect that the applicant will (i) make an impartial and true valuation of any asset which he may be required to value;

 

(ii) furnish a report of such valuation in the prescribed form;

 

(iii) charge fees at a rate not exceeding the rate or rates prescribed in this behalf;

 

(iv) not undertake valuation of any asset in which he has a direct or indirect interest.

 

(4) The report of valuation of any asset by a registered valuer shall be in the prescribed form and be verified in the prescribed manner. ]

 

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1. Chapter VIIB (containing sections 34AB) ins. by Act 45 of 1972, sec. 14 (w.e.f. 15-11-1972).

 

2. Subs. by Act 26 of 1988, sec. 58, for “Board” (w.e.f. 1-6-1988).

 

 

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The Wealth-Tax Act, 1957

 

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