Qualification of registered valuer for the purposes of section 514

This is an overview; the bare Rules carry each class's conditions in full, and the figures below are the main ones the rule states.

Qualifications by asset class (sub-rule 2).

Class of asset	In outline
Immovable property (other than agricultural land, plantations, forests, mines and quarries)	A qualification in civil engineering, architecture or town planning, or a post-graduate qualification in valuation of real estate, plus either ten years' relevant service or teaching (three years with a post-graduate valuation degree) after Government gazetted or senior private employment, or ten years' practice (three years with that degree) with specified minimum gross receipts
Agricultural lands (other than the plantations below)	A graduate in agricultural science with five years' work as a farm valuer, or a former Government officer in a listed land-revenue or registration post with five years' service
Coffee, tea, rubber or cardamom plantations	Five years' ownership or management of a plantation of the stated minimum area, or a former Government officer in a listed post with five years' service, three of them in an area where the crop is extensively grown
Forests	A former Government employee with five years' service in a gazetted post requiring specialised forestry knowledge
Mines and quarries	A mining graduate, with ten years' service as a mining engineer after Government gazetted or senior private employment
Stocks, shares, debentures, securities, partnership shares and business assets, including goodwill	A member of the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India or the Institute of Company Secretaries of India, or an MBA or post-graduate in finance, with ten years' relevant practice or service
Machinery and plant	A qualification in a listed engineering discipline or valuation of plant and machinery, with ten years' service, teaching or practice (three years with a post-graduate valuation degree)
Jewellery	At least five years as a sole proprietor or partner in a jewellery business with the stated minimum average turnover or profit
Works of art	Specialisation in the relevant art and service in one of the listed posts, such as Director General of the Archaeological Survey of India or Director of a listed museum
Life interest, reversions and interest in expectancy	A university graduate who has been an actuary for at least ten years in practice or in Government or the Life Insurance Corporation of India

Other points. For other assets, the qualifications are determined by the Principal Chief Commissioner, Chief Commissioner, Principal Director General or Director General receiving the application (sub-rule 3). Except for works of art and virtual digital assets (or other classes the Board specifies), no one employed under Government or another employer qualifies (sub-rule 4). Nine grounds disqualify, including dismissal from Government service, conviction connected with proceedings under the old Income-tax Act, Wealth-tax Act or Gift-tax Act or a listed penalty, insolvency, conviction with imprisonment, professional misconduct, being a minor or of unsound mind, or not being found fit after a hearing (sub-rule 5). Periods of service, teaching, practice or experience may be taken singly or together (sub-rule 6). "Recognised University" means an Indian university established by law, an institution the University Grants Commission recognises by notification, or a foreign institution whose degree the Association of Indian Universities treats as equivalent (sub-rule 7). Applications are decided within six months from the end of the month they are made, and information may be called for before deciding (sub-rules 9 and 10).