Rule 248: Maximum fees of a registered valuer and Form No. 170 report
Rule 248 caps the fee a registered valuer may charge for valuing an asset. The cap is worked out on slab rates applied to the value of the asset. Where an assessee asks for two or more assets to be valued, they are treated as a single asset for the fee. If the calculated fee is below Rs 5,000, the valuer may charge Rs 5,000. The valuation report under section 514(3) is in Form No. 170.
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Bare law
Rule 248 - Charging of fee and submission of valuation report under section 514
(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:––
(a) on the first ₹ 500000 of the asset as valued 1/2 % of the value;
(b) on the next ten lakhs rupees of the asset as valued 1/5 % of the value;
(c) on the next forty lakhs rupees of the asset as valued 1/10 % of the value; and
(d) on the balance of the asset as valued 1/20 % 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 ₹ 5000, the registered valuer may charge ₹ 5000 as his fees.
(4) The report of valuation by a registered valuer in respect of any asset under section 514(3), shall be in the Form No. 170.
Rule breakdown
Fee slabs: Rule 248(1)
First Rs 5,00,000 of the asset as valued: 1/2% of the value.
Next Rs 10 lakh: 1/5% of the value.
Next Rs 40 lakh: 1/10% of the value.
Balance: 1/20% of the value.
These are maximum rates. The fee "shall not exceed" the amount worked out on them.
Several assets and the minimum fee: Rule 248(2) and (3)
Where two or more assets are valued at the instance of one assessee, all of them are deemed to be a single asset for working out the fee.
If the fee worked out under sub-rules (1) and (2) is less than Rs 5,000, the valuer may charge Rs 5,000.
Report format: Rule 248(4)
The valuation report by a registered valuer for any asset under section 514(3) is in Form No. 170.
Key takeaways
Slab-based cap
Fees are capped on falling slab rates from 1/2% down to 1/20%.
Assets combined
Multiple assets for one assessee are one asset for the fee.
Minimum Rs 5,000
The valuer may charge Rs 5,000 where the slab calculation is lower.
Practical checklist
- Add up the value of all assets valued for one assessee before applying the slabs.
- Ask for the report in Form No. 170.
Avoid
- Do not apply the slab rates asset by asset where Rule 248(2) treats them as one asset.
FAQs
Is Rule 248 a fixed fee or a ceiling?
A ceiling. Sub-rule (1) says the fee "shall not exceed" the amount calculated at the listed rates.
If I get three properties valued, is the fee worked out separately for each?
No. Sub-rule (2) deems all assets valued at the instance of an assessee to be a single asset for the fee calculation.
What is the minimum fee?
If the calculation gives less than Rs 5,000, the valuer may charge Rs 5,000 (Rule 248(3)).
In which form is the valuation report given?
Form No. 170 (Rule 248(4)).
Glossary
- Asset as valued
- The value the registered valuer places on the asset, on which the slab rates are applied.
- Form No. 170
- The prescribed format of a valuation report by a registered valuer under section 514(3).