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NOTIFICATION:

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

WEALTH-TAX

S.O. 379(E).- In exercise of the powers conferred by section 46 of the Wealth-tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following further amendments in the Wealth-tax Rules, 1957, namely:-

•  
  • These rules may be called the Wealth-tax (First Amendment) Rules, 2009.
  • They shall come into force with effect from 1st April, 2009.
• In the Wealth-tax Rules, 1957, for rule 8C, the following rule shall be substituted, namely:-

[Scale of fees to be charged by a registered valuer

8C. (1) Subject to the provisions of sub-rules (2) and (3), the fees to be charged by a registered valuer for valuation of any asset shall not exceed the amount calculated at the following rates, namely:

• On the first Rs. 500000 of the asset as valued            1/2 per cent of the value;
• On the next Rs. 10 lakhs of the asset as valued          1/5 per cent of the value;
• On the next Rs.40 lakhs of the asset as valued           1/10 per cent of the value;
• On the balance of the asset as valued                           1/20 per cent of the value.

(2) Where two or more assets are required to be valued by a registered valuer at the instance of an assessee, all such assets shall be deemed to constitute a single asset for the purposes of calculating the fees payable to such registered valuer.

(3) Where the amount of fees calculated in accordance with sub-rules (1) and (2) is less than Rs.500, the registered valuer may charge Rs.500 as his fees.

Note.-The principal rules were published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (ii) vide number S.O 3384 (E) dated the 18thOctober, 1957 and last amended by Wealth-tax (1stAmendment) Rules, 2007 vide number S.O. 1375 (E) dated the 7th August, 2007.