Valuation Officer referral enables reassessment when fair market value appears understated in gift property valuations and triggers wealth-tax provisions.

The Gift-tax Officer may refer the valuation of gifted property to a Valuation Officer where the returned value is believed to be less than its fair market value, including cases where a registered valuer's estimate appears understated or where prescribed thresholds or other circumstances justify a reference. Provisions of the Wealth-tax Act governing valuation references and related procedures apply, with necessary modifications, to such references under the Gift-tax Act, and "Valuation Officer" is defined by reference to the Wealth-tax Act.

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