Section 514
Section 514: registration of valuers
Section 514 lays out the process for a person to become a "registered valuer" under the Act - the register the tax authorities must maintain, who can apply, and the declaration an applicant must make about how they will carry out valuations.
This explanation is AI-assisted and pending review by our CA/CS team. It is general information, not professional advice - always cross-check against the bare law text above or talk to our tax team for guidance specific to your situation.
Register of valuers
The Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General, must maintain a register of valuers, recording the names and addresses of persons registered under sub-section (2).
Applying for registration
A person possessing the prescribed qualification for valuing a prescribed class of assets may apply to the Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General, for registration as a valuer, in the prescribed form, verified in the prescribed manner, and accompanied by the prescribed fee, along with a declaration that the applicant will:
- conduct an impartial and true valuation of any asset required to be valued;
- furnish a valuation report in the prescribed form;
- charge fees not exceeding the prescribed rate or rates; and
- refrain from undertaking the valuation of any asset in which such person has a direct or indirect interest.
Form of the valuation report
The valuation report prepared by a registered valuer for any asset must be in the prescribed form and verified in the prescribed manner.
Frequently asked questions
What must an applicant declare to become a registered valuer?
Under Section 514(2), the applicant must declare they will conduct impartial and true valuations, furnish reports in the prescribed form, charge fees not exceeding the prescribed rate, and not value any asset in which they have a direct or indirect interest.
Who maintains the register of valuers?
The Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General.
Related sections
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Talk to our tax team about this sectionLast updated 9 September 2026