Nitesh Shrivastava — Government Approved Wealth Tax Valuer India

Section 34AB — Registered Valuer Framework

The Section 34AB framework under the Wealth Tax Act 1957 established the professional registered valuer mechanism for valuation of specified taxable assets under the historical wealth tax regime.

The wealth tax valuation practice encompasses relevant asset categories including land and buildings, plant and machinery, jewellery, securities, business assets, bullion, works of art and leasehold improvements.

Wealth Tax Rules — Asset-Specific Methodology

Historical wealth tax valuation assignments require methodology appropriate to the relevant asset. This includes Rule 3 for immovable property, Rule 6 for jewellery and bullion and other applicable historical valuation provisions.

The valuation process focuses on the relevant valuation date, historical evidence, asset characteristics and the methodology applicable to the particular asset category.

Schedule AL — Comprehensive Asset Disclosure

The post-abolition tax framework introduced Schedule AL (Assets and Liabilities) in the ITR for specified taxpayers, creating an important annual wealth disclosure requirement.

Professional FMV support can cover immovable property, financial interests, jewellery and bullion, vehicles and other reportable assets forming part of a diversified HNI portfolio.

Black Money Act 2015 — Foreign Asset FMV Support

Foreign property, foreign equity and other overseas financial interests can require documented valuation support where disclosure obligations arise under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015.

The practice can address the INR-equivalent FMV of relevant foreign assets using appropriate international market evidence and valuation methodology.

IBBI Registered Valuer Alignment

For assignments involving companies, insolvency, restructuring or financial asset valuation, relevant IBBI Registered Valuer credentials and valuation standards may form an additional part of the professional framework.

This provides an important connection between historical wealth valuation practice and contemporary Land & Building, Plant & Machinery and Securities & Financial Assets valuation requirements.

Income Tax Valuation Applications

Wealth valuation assignments can intersect with contemporary Income Tax requirements including Section 50C, Section 56(2)(x), Section 50CA, Section 23 and Schedule AL depending on the purpose and nature of the underlying asset.

Government Approved Valuation Practice

The practice is structured around professionally documented valuation reports for taxation, disclosure, legal, financial and institutional requirements, with particular emphasis on transparent methodology, supporting evidence and asset-specific FMV analysis.