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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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