How to Select Your Property Valuer
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First of all, you have to be very clear about the purpose for which valuation is called for.
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The proposed valuer should be accreditted with the authorities to whom your valuation report will be submitted.
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The concurrence of the proposed valuer regarding the scope of his work assignment should be taken prior to entrusting the work to him.
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In view of the great responsibility that will be taken up by the valuers in proving the correctness of the valuations, an expert valuer who has the necessary background, experience and qualifications in the concerned field should be appointed.
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Valuation work demands a professional skill. A valuer should be conscientious, highly trained, energetic and should have a strong sense of integrity. Curiosity plus a "Nose" for un-earthing hidden values!
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The best policy is to entrust the valuation work to a team of professionals, such as Best STEPPING STONE CONSULTANTS PVT LTD. who are equipped to take up multifarious / multifaceted tasks connected /involved in large and complex as well as, simple small valuation procedures.
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In case of professional firms like Best STEPPING STONE CONSULTANTS PVT LTD. you will be sure of (a) transparency (b) fairness at all stages (c) reasonableness of charges in consonance with your work.
Valuation report should contain the following information:
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Fair description and proper location of the assets which are the subject of the valuation, giving clearly identification, comments with reference to legal rights and restrictions in ownership, if any.
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The purpose of valuation should be clearly worded and stated preferably at the beginning of such report.
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The limiting conditions, such as (i) hypothetical valuation (ii) fractional valuation (iii) initial opinion subject to revision etc should be clearly stated.
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Terms of valuation exercise under reference should be clearly defined and explained.
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Method used for valuation i.e. description and explanation etc. should be stated.
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The factors influencing the analysis, opinions and conclusion (It should not be misleading) must be clearly, unambiguously reported.
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Declaration of disinterestedness of the concerned valuer, as per statutory needs, must form a part of the report.
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Signatures and the names of the valuer or valuers (when collectively undertaken) must be a part of the valuation report without which it is not valid.
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Original documents available for inspection and perusal should be enlisted properly. If these are or were not available for inspection, it should be clearly recorded.
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Xerox copies of the documents which are available for inspection should be indicated separately and a qualifying statement indicating that, you are relying on photo copies and not originals, be recorded in valuation report.
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Assumptions on the part of valuer or valuers, if any, should be recorded in an annexure to the valuation certificate.
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Intended user of the report should be clearly spelled out as the valuer is accountable equally to them though the assignment may have come from the clients.
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Clients’ name, who had engaged the valuer, should be clearly recorded.
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Certain enactment and some institutions, prescribe certain format in which the valuation report is to be submitted, then, one has to follow that format. For example, under Wealth Tax Act, valuation is to be submitted in the prescribed form for different assets viz Form No. 0-1 to 0-10.
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Overall, a valuer’s report should make it obvious as to what has led him to his assessments. Bearing this in mind as the "aim of the report" the sequence of elements (statutory and supplementary) should be arranged.
Property Valuation for
- Income Tax
- Capital Gain Tax
- Wealth Tax
- Dissolution of a Partnership
- Rent and Depreciation
- Jewellery
- Property Transfer
- Purchase, Sale, Takeovers and Mergers
- Credits
- Bank Guarantees
- Projecting the Right Image
- Rupee Devaluation / Revaluation
- Advance payment against works contract
- Incentives
- Security with Power Supply Companies
- Duty Draw-Back and Export Incentives
- Foreign Collaboration
- Technological Know-how
- Import Duty
- Octroi
- Auction
- Vacating Premises
- Machine Rent
- S.S.I. Registration
- Hidden Costs
- General Insurance and Insurance Cover
- Stamp Duty
- Acquisition by Government
- Liquidator’s Role
- Co-op. Society and Charitable Trusts
- Last Testaments and Wills
- Visas
- Executive Perks
- Housing Loans
- Division of Assets in the Family
- Divorce
- Larger Public Interests
Creative Ideas
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