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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
