Wealth Tax Rules – Fees for Valuer - revised
As per Rule 8C of the Wealth Tax Rules, the fees to be charged by a registered valuer for valuation of any asset shall not exceed the amount calculated at the following rates
On the first Rs. 50,000 of the asset as valued | 1/2 per cent of the value; |
On the next Rs. 1 lakh of the asset as valued | 1/4 per cent of the value; |
On the balance of the asset as valued | 1/8 per cent of the value. |
Now this is changed to:
(a) On the first Rs. 5,00,000 of the asset as valued | 1/2 per cent of the value; |
(b) On the next Rs. 10 lakhs of the asset as valued | 1/5 per cent of the value; |
(c) On the next Rs.40 lakhs of the asset as valued | 1/10 per cent of the value; |
(d) On the balance of the asset as valued | 1/20 per cent of the value |
Where the amount of fees calculated is less than Rs. 50, the registered valuer may charge Rs. 50 as his fees.
Inflation has caught up and this Rs. 50/- is now enhanced to Rs. 500/-.
Why can't the government think of abolishing this tax? The Budget Estimate for 2008-09 for wealth tax is Rs. 325 Crores. Education Cess brings in more than ten times that Revenue.
CBDT Notification No. 15/2009, Dated: January 30, 2009