Rule 150 — Valuation under section 247(9)

Rule 150 sets how fair market value is determined on a section 247(9) reference — stamp duty value plus construction cost for land and buildings, rule 57 for jewellery, artistic work and shares, and open-market price for other property — and prescribes Form No. 170 for the valuation report.

Method (sub-rule 1).

(a) Land or building, or both: the value adopted, assessed or assessable by a Central or State Government authority for stamp duty, together with the cost of construction and improvements, if any, on the date or dates on which the property is required to be valued under the reference.
(b) Jewellery, archaeological collections, drawings, paintings, sculptures, any work of art, and shares or securities referred to in rule 57: as determined under that rule, with the valuation date in rules 56 and 57 being the date or dates on which the property is required to be valued under the reference.
(c) Any other property, or where valuation under (a) or (b) is not feasible: the price it would ordinarily fetch on sale in the open market on those dates.

Report (sub-rule 2). The Valuation Officer, person registered under section 514, or other approved person or entity submits the valuation report in Form No. 170 to the authorised officer.

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