Section 34AB of The Wealth-tax Act, 1957 View Chapter 7B

Registration of valuers.


   1[34AB.  Registration of valuers.— (1)  The 2[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 declaration 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].

1Ins. by Act 45 of 1972, s. 14 (w.e.f. 15-11-1972).

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