Rule 247Published

Rule 247: Qualifications for registration as a valuer under section 514

Rule 247 prescribes the qualifications for registration as a valuer for the purposes of section 514(2). A Table sets out the qualifications for ten classes of assets, from immovable property and agricultural land to shares, machinery, jewellery, works of art and life interests. The rule then covers assets outside the Table, bars persons in employment (with exceptions), lists the grounds on which no one can qualify, explains how required periods of service or practice are counted, defines a recognised University, and sets the time limit for deciding an application made under rule 246(1).

Official notified Income-tax Rules, 2026

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On this page

Bare law
The qualifications Table: Rule 247(1) and (2)
Other assets and employed persons: Rule 247(3) and (4)
Disqualifications: Rule 247(5)
Counting periods, recognised University and membership: Rule 247(6) to (8)
Deciding the application: Rule 247(9) and (10)
Points to note in the printed text
Key takeaways
Practical checklist
FAQs
Glossary
Official sources
Related rules

Bare law

Rule 247 - Qualification of registered valuer for the purposes of section 514
(1) For the purposes of section 514(2), the qualifications for registration as valuers, for different classes of assets shall be as specified in sub-rules (2) to (9).
(2) The qualifications for registration as valuers, for classes of assets mentioned in column B of the following Table shall be as specified in column C of the said Table:
Table under sub-rule (2)
S. No. Class of Asset Qualification
A B C
1. Immovable property (other than agricultural lands, plantations, forests, mines and quarries) The applicant shall— (a) (i) be a graduate in civil engineering, architecture or town planning from a recognised University; or (ii) be a post-graduate in valuation of real estate from a recognised University; or (iii) possess a qualification recognised by the Central Government for recruitment to superior services or posts under the Central Government in the field of civil engineering, architecture or town planning; and (b) (i) be a person formerly employed— (A) in a post under Government as a Gazetted officer; or (B) in a post under any other employer carrying a remuneration of not less than ₹ 50000 per month, and, in either case, shall have retired or resigned from such employment after having rendered service for not less than ten years (or three years, if he possesses a post-graduate degree in valuation of real estate from a recognised University) as a valuer, architect or town planner, or in the field of construction of buildings, designing of structures, or development of land; or (ii) as a professor, reader or lecturer in a university, college or any other institution preparing students for a degree in civil engineering, architecture or town planning, or for any qualification referred to in clause (a), and must have retired or resigned from such employment after having taught for not less than ten years (or three years, if he possesses a post-graduate degree in valuation of real estate from a recognised University) any of the subjects of valuation, quantity surveying, building construction, architecture, or town planning; OR The applicant shall have been in practice as a consulting engineer, valuer of real estate, surveyor or architect for a period of not less than ten years (or three years, if he possesses a post-graduate degree in valuation of real estate from a recognised University) and must have acquired experience in any of the following fields: (a) valuation of buildings and urban lands; or (b) quantity surveying in building construction; or (c) architectural or structural designing of buildings or town planning; or (d) construction of buildings or development of land; and his gross receipts from such practice shall not be less than ₹ 100000 in any three of the five preceding years (or in any two of the three preceding years, if he possesses a post-graduate degree in valuation of real estate from a recognised University), immediately preceding the year in which the application for registration as a valuer is made by him.
2 Agricultural lands (other than plantations mentioned at serial number 3) The applicant shall be a— (a) graduate in agricultural science of a recognised University and shall have worked as a farm valuer for a period of not less than five years; or (b) person formerly employed in a post under the Government as a Collector, Deputy Collector, Settlement Officer, Land Valuation Officer, Superintendent of Land Records, Agricultural Officer, Registrar under the Registration Act, 1908 (16 of 1908), or any other officer of equivalent rank performing similar functions and shall have to be retired or resigned from such employment after having rendered service in any one or more of said the posts for an aggregate period of not less than five years.
3 Coffee plantation, tea plantation, rubber plantation or, cardamom plantation The applicant shall— (a) have, for a period of not less than five years, owned, or acted as manager of a coffee, tea, rubber or, as the case may be, cardamom plantation having an area under plantation of not less than four hectares in the case of a cardamom plantation or forty hectares in the case of any other plantation; or (b) be a person formerly employed in a post under the Government as a Collector, Deputy Collector, Settlement Officer, Land Valuation Officer, Superintendent of Land Records, Agricultural Officer, Registrar under the Registration Act, 1908 (16 of 1908), or any other officer of equivalent rank performing similar functions and shall have retired or resigned from such employment after having rendered service in any one or more of the said posts for an aggregate period of not less than five years, out of which, not less than three years shall be in areas, wherein coffee, tea, rubber or, as the case may be, cardamom is extensively grown.
4 Forest The applicant shall be a person formerly employed in a post under the Government and shall have to be retired or resigned from such employment after having rendered service for not less than five years in a Gazetted post requiring specialised knowledge in forestry.
5 Mines and quarries The applicant shall be a— (a) graduate in mining of a recognised university, or must possess a qualification recognised by the Central Government for recruitment to superior services or posts under the Central Government in the field of mining; and (b) person formerly employed in a — (A) post under Government as a Gazetted officer; or (B) post under any other employer carrying a remuneration of not less than ₹ 50000 per month, and, in either case, shall have to be retired or resigned from such employment after having rendered service as a mining engineer for not less than ten years.
6 Stocks, shares, debentures, securities, shares in partnership firms and of business assets, including goodwill but excluding those mentioned at serial numbers 1 to 5 and 7 to 10 The applicant shall— (a) be a member of the Institute of Chartered Accountants of India, or the Institute of Cost Accountants of India, or the Institute of Company Secretaries of India; or (b) possess a Master of Business Administration or Post Graduate Diploma in Business Management with specialisation in Finance; or (c) be a post graduate in Finance; and (i) have been in practice in a discipline, which is relevant for valuation of stocks, shares, debentures, securities, shares in partnership firms and of business assets, including goodwill, etc., for a period of not less than ten years and his gross receipts from such practice should not be less than ₹ 100000 in any three of the five preceding years, immediately preceding the year in which the application for registration as a valuer is made by him; or (ii) be a person formerly employed— (A) in a post under Government as a Gazetted officer, or (B) in a post under any other employer carrying a remuneration of not less than ₹ 50000 per month, and, in either case, shall have to be retired or resigned from such employment after having rendered service for a period of not less than ten years in the field of audit and accounts or taxation work, or (d) in a discipline which is relevant for valuation of stocks, shares, debentures, securities, shares in partnership firms and of business assets, including goodwill etc., carrying a remuneration of not less than ₹ 100000 per month and must have retired or resigned from such employment after having rendered service for a period of not less than ten years.
7 Machinery and plant The applicant shall— (a) (i) be a graduate or post-graduate in Mechanical, Electrical, Electronic and Communication, Electronic and Instrumentation, Production, Chemical, Textiles, Leather, Metallurgy, Aeronautical Engineering, or Valuation of Plant and Machinery from a recognised University; or (ii) possess a qualification recognised by the Central Government for recruitment to superior services or posts under the Central Government in the field of mechanical or electrical engineering; (b) be a person formerly employed— (i) in a post under Government as a Gazetted officer; or‘ (ii) in a post under any other employer carrying a remuneration of not less than ₹50000 per month, and, in either case, shall have to be retired or resigned from such employment after having rendered service as a mechanical or electrical or electronic and communication or electronic and instrumentation or production or chemical or textiles or leather or metallurgy or aeronautical engineer or valuer of machinery and plant for a period of not less than ten years (or three years, if he possesses a post-graduate degree in valuation of machinery and plant from a recognised University; or (iii) as a professor, reader or lecturer in a University, college or institution preparing students for a degree in mechanical or electrical or electronic and communication or electronic and instrumentation or production or chemical or textiles or leather or metallurgy or aeronautical engineering or for any qualification referred to in clause (a), and shall have to be retired or resigned from such employment after having taught for a period of not less than ten years (or three years, if he possesses a post-graduate degree in valuation of machinery and plant from a recognised University); OR The applicant shall have been in practice as a consulting engineer or valuer of machinery and plant for a period of not less than ten years and must have acquired experience in the valuation of machinery and plant and his gross receipts from such practice shall not be less than ₹ 100000 in any three of the five preceding years (or in any two of the three preceding years, if he possesses a post-graduate degree in valuation of machinery and plant from a recognised University), immediately preceding the year in which the application for registration as a valuer is made by him.
8 Jewellery The applicant shall have been, for a period of not less than five years, a sole proprietor or partner in a partnership firm carrying on jewellery business which has on an average an annual turnover of not less than fifty lakhs rupees or profit, including fees for valuation, of not less than ₹ 500000 in the last three of the five preceding years, immediately preceding the year in which the application for registration as a valuer is made by him.
9 Works of art The applicant shall have— (a) specialisation by virtue of his academic and professional pursuits in the particular line of art, for the works of which he seeks to be registered as a valuer; and (b) served in any one or more of the following capacities:— (i) Director General or Superintending Archaeologist of the Archaeological Survey of India; or (ii) Director of National Museum, New Delhi, Salar Jung Museum, Hyderabad, Prince of Wales Museum, Bombay, Indian Museum, Calcutta, Asutosh Museum, Calcutta, Madras Museum, Madras or Bharat Kala Bhavan, Varanasi; or (iii) principal of a Government School of Art; or (iv) member of the Art Purchase Committee of any of the museums referred to in sub-clause (ii), or of the Lalit Kala Akademi.
10 Life interest, reversions and interest in expectancy The applicant shall— (a) be a graduate of a recognised University; and (b) have— (i) been in practice as an actuary under the Insurance Act, 1938 (4 of 1938), for a period of not less than ten years; or (ii) rendered continuous service for a period of not less than ten years as an actuary under Government or in the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956); or (iii) practised as an actuary or served as such under Government or in the Life Insurance Corporation of India referred to in sub-clause (ii) for an aggregate period of not less than ten years.
(3) The qualifications for a valuer for assets, other than the assets covered in sub-rule (2), shall be determined by the Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General, to whom application for getting registered as a valuer has been submitted and the decision of Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General in this regard shall be conclusive.
(4) No person shall qualify for registration as a valuer, other than as a valuer of works of art or virtual digital assets or other class of assets as may be specified by the Board in this behalf, if he is employed under Government or any other employer.
(5) Irrespective of anything contained in sub-rules (1) to (4), no person shall qualify for registration as a valuer if,—
(a) he has been dismissed or removed from Government service; or
(b) he has been convicted of an offence connected with any proceeding under the Income-tax Act, 1961 (43 of 1961) (as it existed prior to its repeal), or the Wealth-tax Act, 1957 (27 of 1957), or the Gift-tax Act, 1958 (18 of 1958) (as it existed prior to its repeal), or a penalty has been imposed on him under section 271(1)(iii) or section 273(i) or section 270A or section 271J of the Income-tax Act, 1961(43 of 1961) (as it existed prior to its repeal), or under section 439 or section 463 of the Act, or under section 18(1)(iii) of the Wealth-tax Act, 1957 (27 of 1957) or section 17(1) of the Gift-tax Act, 1958 (18 of 1958) (as it existed prior to its repeal); or
(c) he is an undischarged insolvent; or
(d) he has been convicted of any offence and sentenced to a term of imprisonment; or
(e) he has been found guilty of misconduct in his professional capacity, where he is a member of any association or institution established in India having as its object the control, supervision, regulation or encouragement of the profession of engineering, architecture, accountancy, or company secretaries or such other profession as the Board may specify in this behalf, by notification, by such association or institution; or
(f) he is a minor; or
(g) he has been declared to be of unsound mind; or
(h) he has not been found fit to be registered as a valuer, which shall be decided based on reasons to be recorded in writing, after granting an opportunity of being heard to the person or entity concerned; or
(i) he is an undischarged bankrupt or has applied to be adjudicated as bankrupt.
(6) The requirement laid down in any of the foregoing sub-rules that the applicant should have, for a period of not less than ten years or five years, as the case may be,—
(a) rendered service in any capacity; or
(b) taught any subject; or
(c) practised any profession; or
(d) gained experience in any other capacity or field,
as specified therein, shall be deemed to have been fulfilled, if the period for which the applicant has rendered such service, taught such subject, practised such profession or otherwise gained experience in such other capacity or field, taken either singly or collectively, is not less than ten years or five years, as the case may be, in the foregoing sub-rules.
(7) For the purposes of this rule, the expressions "recognised University" means any of the following Universities or institutions:—
(a) any University in India established by law in force; or
(b) any educational institution recognised by the University Grants Commission (UGC), by notification; or
(c) any foreign university or educational institution, the degree of which is recognised as equivalent to a degree conferred by an Indian University, as determined by the Association of Indian Universities (AIU).
(8) For the purposes of this rule, where the membership of any institution is recognised by the Central Government as a qualification for the purpose of recruitment to civil services or posts under the Central Government in any field, such membership shall not be regarded as a requisite qualification for the purposes of this rule, unless the membership has been granted on the basis of passing the examinations conducted by the institution.
(9) The application referred to in rule 246(1) may be disposed of by the Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General either by granting approval or rejecting the same, within six months from the end of the month in which such application is made.
(10) The Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General may call for any relevant information from the person who has applied for getting registered as a valuer under section 514, before disposing his application referred to in rule 246(1).

Table under sub-rule (2)
S. No.	Class of Asset	Qualification
A	B	C
1.	Immovable property (other than agricultural lands, plantations, forests, mines and quarries)	The applicant shall— (a) (i) be a graduate in civil engineering, architecture or town planning from a recognised University; or (ii) be a post-graduate in valuation of real estate from a recognised University; or (iii) possess a qualification recognised by the Central Government for recruitment to superior services or posts under the Central Government in the field of civil engineering, architecture or town planning; and (b) (i) be a person formerly employed— (A) in a post under Government as a Gazetted officer; or (B) in a post under any other employer carrying a remuneration of not less than ₹ 50000 per month, and, in either case, shall have retired or resigned from such employment after having rendered service for not less than ten years (or three years, if he possesses a post-graduate degree in valuation of real estate from a recognised University) as a valuer, architect or town planner, or in the field of construction of buildings, designing of structures, or development of land; or (ii) as a professor, reader or lecturer in a university, college or any other institution preparing students for a degree in civil engineering, architecture or town planning, or for any qualification referred to in clause (a), and must have retired or resigned from such employment after having taught for not less than ten years (or three years, if he possesses a post-graduate degree in valuation of real estate from a recognised University) any of the subjects of valuation, quantity surveying, building construction, architecture, or town planning; OR The applicant shall have been in practice as a consulting engineer, valuer of real estate, surveyor or architect for a period of not less than ten years (or three years, if he possesses a post-graduate degree in valuation of real estate from a recognised University) and must have acquired experience in any of the following fields: (a) valuation of buildings and urban lands; or (b) quantity surveying in building construction; or (c) architectural or structural designing of buildings or town planning; or (d) construction of buildings or development of land; and his gross receipts from such practice shall not be less than ₹ 100000 in any three of the five preceding years (or in any two of the three preceding years, if he possesses a post-graduate degree in valuation of real estate from a recognised University), immediately preceding the year in which the application for registration as a valuer is made by him.
2	Agricultural lands (other than plantations mentioned at serial number 3)	The applicant shall be a— (a) graduate in agricultural science of a recognised University and shall have worked as a farm valuer for a period of not less than five years; or (b) person formerly employed in a post under the Government as a Collector, Deputy Collector, Settlement Officer, Land Valuation Officer, Superintendent of Land Records, Agricultural Officer, Registrar under the Registration Act, 1908 (16 of 1908), or any other officer of equivalent rank performing similar functions and shall have to be retired or resigned from such employment after having rendered service in any one or more of said the posts for an aggregate period of not less than five years.
3	Coffee plantation, tea plantation, rubber plantation or, cardamom plantation	The applicant shall— (a) have, for a period of not less than five years, owned, or acted as manager of a coffee, tea, rubber or, as the case may be, cardamom plantation having an area under plantation of not less than four hectares in the case of a cardamom plantation or forty hectares in the case of any other plantation; or (b) be a person formerly employed in a post under the Government as a Collector, Deputy Collector, Settlement Officer, Land Valuation Officer, Superintendent of Land Records, Agricultural Officer, Registrar under the Registration Act, 1908 (16 of 1908), or any other officer of equivalent rank performing similar functions and shall have retired or resigned from such employment after having rendered service in any one or more of the said posts for an aggregate period of not less than five years, out of which, not less than three years shall be in areas, wherein coffee, tea, rubber or, as the case may be, cardamom is extensively grown.
4	Forest	The applicant shall be a person formerly employed in a post under the Government and shall have to be retired or resigned from such employment after having rendered service for not less than five years in a Gazetted post requiring specialised knowledge in forestry.
5	Mines and quarries	The applicant shall be a— (a) graduate in mining of a recognised university, or must possess a qualification recognised by the Central Government for recruitment to superior services or posts under the Central Government in the field of mining; and (b) person formerly employed in a — (A) post under Government as a Gazetted officer; or (B) post under any other employer carrying a remuneration of not less than ₹ 50000 per month, and, in either case, shall have to be retired or resigned from such employment after having rendered service as a mining engineer for not less than ten years.
6	Stocks, shares, debentures, securities, shares in partnership firms and of business assets, including goodwill but excluding those mentioned at serial numbers 1 to 5 and 7 to 10	The applicant shall— (a) be a member of the Institute of Chartered Accountants of India, or the Institute of Cost Accountants of India, or the Institute of Company Secretaries of India; or (b) possess a Master of Business Administration or Post Graduate Diploma in Business Management with specialisation in Finance; or (c) be a post graduate in Finance; and (i) have been in practice in a discipline, which is relevant for valuation of stocks, shares, debentures, securities, shares in partnership firms and of business assets, including goodwill, etc., for a period of not less than ten years and his gross receipts from such practice should not be less than ₹ 100000 in any three of the five preceding years, immediately preceding the year in which the application for registration as a valuer is made by him; or (ii) be a person formerly employed— (A) in a post under Government as a Gazetted officer, or (B) in a post under any other employer carrying a remuneration of not less than ₹ 50000 per month, and, in either case, shall have to be retired or resigned from such employment after having rendered service for a period of not less than ten years in the field of audit and accounts or taxation work, or (d) in a discipline which is relevant for valuation of stocks, shares, debentures, securities, shares in partnership firms and of business assets, including goodwill etc., carrying a remuneration of not less than ₹ 100000 per month and must have retired or resigned from such employment after having rendered service for a period of not less than ten years.
7	Machinery and plant	The applicant shall— (a) (i) be a graduate or post-graduate in Mechanical, Electrical, Electronic and Communication, Electronic and Instrumentation, Production, Chemical, Textiles, Leather, Metallurgy, Aeronautical Engineering, or Valuation of Plant and Machinery from a recognised University; or (ii) possess a qualification recognised by the Central Government for recruitment to superior services or posts under the Central Government in the field of mechanical or electrical engineering; (b) be a person formerly employed— (i) in a post under Government as a Gazetted officer; or‘ (ii) in a post under any other employer carrying a remuneration of not less than ₹50000 per month, and, in either case, shall have to be retired or resigned from such employment after having rendered service as a mechanical or electrical or electronic and communication or electronic and instrumentation or production or chemical or textiles or leather or metallurgy or aeronautical engineer or valuer of machinery and plant for a period of not less than ten years (or three years, if he possesses a post-graduate degree in valuation of machinery and plant from a recognised University; or (iii) as a professor, reader or lecturer in a University, college or institution preparing students for a degree in mechanical or electrical or electronic and communication or electronic and instrumentation or production or chemical or textiles or leather or metallurgy or aeronautical engineering or for any qualification referred to in clause (a), and shall have to be retired or resigned from such employment after having taught for a period of not less than ten years (or three years, if he possesses a post-graduate degree in valuation of machinery and plant from a recognised University); OR The applicant shall have been in practice as a consulting engineer or valuer of machinery and plant for a period of not less than ten years and must have acquired experience in the valuation of machinery and plant and his gross receipts from such practice shall not be less than ₹ 100000 in any three of the five preceding years (or in any two of the three preceding years, if he possesses a post-graduate degree in valuation of machinery and plant from a recognised University), immediately preceding the year in which the application for registration as a valuer is made by him.
8	Jewellery	The applicant shall have been, for a period of not less than five years, a sole proprietor or partner in a partnership firm carrying on jewellery business which has on an average an annual turnover of not less than fifty lakhs rupees or profit, including fees for valuation, of not less than ₹ 500000 in the last three of the five preceding years, immediately preceding the year in which the application for registration as a valuer is made by him.
9	Works of art	The applicant shall have— (a) specialisation by virtue of his academic and professional pursuits in the particular line of art, for the works of which he seeks to be registered as a valuer; and (b) served in any one or more of the following capacities:— (i) Director General or Superintending Archaeologist of the Archaeological Survey of India; or (ii) Director of National Museum, New Delhi, Salar Jung Museum, Hyderabad, Prince of Wales Museum, Bombay, Indian Museum, Calcutta, Asutosh Museum, Calcutta, Madras Museum, Madras or Bharat Kala Bhavan, Varanasi; or (iii) principal of a Government School of Art; or (iv) member of the Art Purchase Committee of any of the museums referred to in sub-clause (ii), or of the Lalit Kala Akademi.
10	Life interest, reversions and interest in expectancy	The applicant shall— (a) be a graduate of a recognised University; and (b) have— (i) been in practice as an actuary under the Insurance Act, 1938 (4 of 1938), for a period of not less than ten years; or (ii) rendered continuous service for a period of not less than ten years as an actuary under Government or in the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956); or (iii) practised as an actuary or served as such under Government or in the Life Insurance Corporation of India referred to in sub-clause (ii) for an aggregate period of not less than ten years.

Rule breakdown

The qualifications Table: Rule 247(1) and (2)

Sub-rule (1) states that the qualifications for registration as valuers for different classes of assets are as specified in sub-rules (2) to (9). Sub-rule (2) sets them out in a Table, by class of asset (column B) and qualification (column C).

Immovable property (S. No. 1): a degree in civil engineering, architecture or town planning (or a post-graduate qualification in valuation of real estate, or a recognised equivalent) together with ten years of service (in a Gazetted post or a post carrying at least ₹ 50000 per month) or teaching in the field, after which the applicant has retired or resigned; or, alternatively, ten years of practice as a consulting engineer, valuer of real estate, surveyor or architect with gross receipts of at least ₹ 100000 in any three of the five preceding years. The periods are shorter for a post-graduate in valuation of real estate.

Agricultural lands and plantations (S. Nos. 2 and 3): five years as a farm valuer with a degree in agricultural science, five years owning or managing a qualifying plantation, or five years of service in specified land revenue and related government posts.

Forest, and mines and quarries (S. Nos. 4 and 5): former government service of five years in a Gazetted post requiring specialised knowledge in forestry; or a mining qualification plus former employment (in a Gazetted post or a post carrying at least ₹ 50000 per month) with ten years of service as a mining engineer, after which the applicant has retired or resigned.

Stocks, shares, debentures, securities and business assets including goodwill (S. No. 6): membership of the Institute of Chartered Accountants of India, the Institute of Cost Accountants of India or the Institute of Company Secretaries of India, an MBA or PGDBM with specialisation in Finance, or a post graduate in Finance, read with the practice, service and other conditions in that entry. The way the gazette joins these clauses with "and" and "or" can be read in more than one way, so check the exact text in the Table.

Machinery and plant (S. No. 7): an engineering degree in a listed discipline (or a recognised equivalent) together with ten years of former service (in a Gazetted post or a post carrying at least ₹50000 per month) or teaching in the field, after which the applicant has retired or resigned; or ten years of practice as a consulting engineer or valuer of machinery and plant with gross receipts of at least ₹ 100000 in any three of the five preceding years.

Jewellery, works of art and life interests (S. Nos. 8 to 10): five years as a sole proprietor or partner in a jewellery business meeting the turnover or profit test; specialisation in the line of art plus service in specified archaeology, museum, art school or art purchase committee capacities; or a degree plus ten years of practice or service as an actuary.

Other assets and employed persons: Rule 247(3) and (4)

For assets not covered by the Table, the qualifications are determined by the Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General, to whom the application was submitted, and that decision is conclusive.

A person employed under Government or any other employer cannot qualify for registration, except as a valuer of works of art or virtual digital assets or any other class of assets specified by the Board.

Disqualifications: Rule 247(5)

Despite sub-rules (1) to (4), no person qualifies if he has been dismissed or removed from Government service; convicted of an offence connected with proceedings, or subjected to specified penalties, under the Income-tax Act, 1961, the Wealth-tax Act, 1957, the Gift-tax Act, 1958, or penalised under section 439 or section 463 of the Act; is an undischarged insolvent; has been convicted of any offence and sentenced to imprisonment; has been found guilty of professional misconduct by his professional body; is a minor; has been declared to be of unsound mind; has not been found fit to be registered (decided with recorded reasons after a hearing); or is an undischarged bankrupt or has applied to be adjudicated bankrupt.

Counting periods, recognised University and membership: Rule 247(6) to (8)

A requirement of ten or five years of service, teaching, practice or experience is met if the relevant periods, taken singly or collectively, add up to at least ten or five years, as the case may be.

A recognised University means a University in India established by law, an educational institution recognised by the UGC by notification, or a foreign university or institution whose degree is recognised as equivalent by the Association of Indian Universities.

Membership of an institution that the Central Government recognises for recruitment is not a qualification under this rule unless the membership was granted on passing the examinations conducted by the institution.

Deciding the application: Rule 247(9) and (10)

An application under rule 246(1) may be disposed of, by approval or rejection, within six months from the end of the month in which it is made.

Before disposing of the application, the authority may call for any relevant information from the applicant.

Points to note in the printed text

As printed in the gazette, S. No. 2 reads "in any one or more of said the posts"; S. No. 7 clause (b)(i) ends with a stray quotation mark after "or", and the bracket opened at "(or three years, if he possesses a post-graduate degree in valuation of machinery and plant from a recognised University; or" is not closed; and S. No. 8 reads "fifty lakhs rupees". These are reproduced here as printed.

Key takeaways

Ten asset classes

The Table in sub-rule (2) gives separate qualifications for each class of asset.

Employed persons excluded

Except valuers of works of art, virtual digital assets or other classes specified by the Board.

Periods can be combined

Service, teaching, practice or experience counts singly or collectively towards the ten or five years.

Six-month decision

An application under rule 246(1) may be disposed of within six months from the end of the month of application.

Practical checklist

Identify the class of asset in the Table first, then read the full qualification in column C for that class.
Keep evidence of gross receipts for each of the preceding years where the practice route requires them.
Check each disqualification in sub-rule (5) before applying.

Avoid

Do not apply while in employment unless the class is works of art, virtual digital assets or another class specified by the Board.
Do not rely on institute membership granted without passing that institution's examinations (Rule 247(8)).

FAQs

Can a salaried employee register as a valuer under Rule 247?

Generally no. Sub-rule (4) bars a person employed under Government or any other employer, except as a valuer of works of art or virtual digital assets or any other class of assets specified by the Board.

What if the asset is not listed in the Table?

The qualifications are determined by the Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General, to whom the application was made, and that decision is conclusive (Rule 247(3)).

Can different periods of experience be added together?

Yes. Under Rule 247(6), periods of service, teaching, practice or experience, taken singly or collectively, count towards the ten-year or five-year requirement.

Is a foreign degree accepted?

A foreign university or educational institution counts as a recognised University if its degree is recognised as equivalent to an Indian degree by the Association of Indian Universities (Rule 247(7)(c)).

How long can the department take to decide the application?

The application may be disposed of within six months from the end of the month in which it is made (Rule 247(9)).

Glossary

Recognised University: A University in India established by law, a UGC-recognised institution, or a foreign university or institution whose degree is recognised as equivalent by the Association of Indian Universities (Rule 247(7)).
Class of asset: The category of property in column B of the Table, such as immovable property, machinery and plant or jewellery, for which a valuer seeks registration.
Gross receipts: The receipts from the applicant's practice that must reach the amount stated in the Table for the specified number of preceding years.

Official sources

Official notified Income-tax Rules, 2026 — Notification 22/2026