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March 2009

Wealth Tax (First Amendment) Rules, 2009 — Notification No. 15/2009/F.No.149/144/2008-TPL, dated 30-1-2009.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Nimesh Dedhia, Vijay Kewalramani
Chartered Accountants
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Part A : DIRECT TAXES


39 Wealth Tax (First Amendment) Rules, 2009
— Notification No. 15/2009/F.No.149/144/2008-TPL, dated 30-1-2009.

The CBDT has substituted Rule 8C of the Wealth Tax Rules,
1957 which prescribe the scale of fees to be charged by a valuer for valuation
of any asset for wealth tax purposes with effect from 1st April 2009. The
changes are summarised in the table below :

Pre-amended version
On the first Rs.50,000 of the
asset as valued		 2 % of the value
On the next
Rs.1 lakh of the asset as valued		 3 % of the
value
On the balance
of the asset as valued		 c % of the
value
On the first Rs.5,00,000 of
the asset as valued		 2 % of the value
On the next
Rs.10 lakhs of the asset as valued		 2 % of the
value
On the next
Rs.40 lakhs of the asset as valued		 2 % of the
value
On the balance
of the asset as valued		 2 % of the
value

Further when two or more assets of an assessee are to be
valued by the valuer, then they would constitute single asset for calculating
the aforementioned fees. The minimum fees prescribed are Rs.500.

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