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Amount of commodity, money etc. consider equivalent for something else, material monetary worth, desirability, utility, qualities on which it depends. Value is the actual worth of a particular object Value for which a willing seller will part with the land in favour of willing buyer, Value is an estimate of the cost of a commodity on certain date depending on its utility, scarcity, transferability and marketability. What is Valuation? Valuation is an opinion of an expert, who assesses the value of an asset. His assessment depends on the purpose for which the evaluation is sought, his honest judgment and the most important factor - his experiences. The one who estimates or assesses the value professionally. He is an expert in his field. He is authorized to declare the worth of a particular commodity, may be it property/machine/gold or any other item. The license to act is issued by Chief Commissioner of Income Tax. The main categories under which the license is issued are: Immovable Properties Agricultural Lands Plantations - Coffee, Tea, Rubber, Cardamom, others. Forests Mines & Queries Stocks, Shares, Debentures, Securities Plant and Machinery Jewellery Works of Arts Life interest, reversion and interest in expectancy A Chartered Engineer is a member of Institution of Engineers (India). The Institute grants him certificate to act as "Chartered Engineer" based on his academic qualification and experience. Importers and Exporters require their services to certify the value of Goods/Equipment/Plant for Custom/Duty drawback/excise purposes. Surveyor is a person who assesses the losses of insured assets in the event of a mishap/loss for settling the claims. The License is issued by the Controller of Insurance based on qualification and experience of the person. Chartered Accountants, Banks, Financial Institutions, Property Sellers/Buyers, Public and Private Limited Companies, Owners of factories, plant and machinery, land, house, apartment, car, jewellery, stocks and shares or other asset(s). Consultantions, valuations and associated technical services for matters concerning Immovable Properties Agricultural Lands Plantations - Coffee, Tea, Rubber, Cardamom, others. Forests Mines & Queries Stocks, Shares, Debentures, Securities Plant and Machinery Jewellery Works of Arts Life interest, reversion and interest in expectancy The Process of Valuation and the sequence 1. Understanding the purpose of Valuation. 2. Collection of required documents and information 3. Site Inspection and collection of field data. 4. Analysing the information/field data collected. 5. Assessment of the value of the asset(s) based on facts, market rates and experience 6. Produce a valuation report detailing the facts and assessment made, issue a certificate of valuation. 7. Proper guidance to the client. Who requires Valuation Reports ? A Valuation report becomes necessary to know the certified market value of an asset for serveral reasons (Sea Purpose of Valuation) 01. Individuals 02. Industrial Concerns 03. Private Companies 04. Public Sector Undertakings 05. Financial Institutions: Small Industries Development Corporation, Medium Scale Industries, corporation, Industrial Investment Corporations owned by the State Government, UPFC, etc. 06. Private and Public Sector Banks 07. Owners of all types of Assets: land, house, flat, apartment, shop, etc. 08. Insurance Companies. 09. Courts 10. Government Departments: Income Tax, Wealth Tax, Municipal Corporation etc. 11. Visa issuing offices of various countries allowing immigration/travel. 12. Reserve Bank for repatriation of foreign exchange Top Who is a Professional ? Professionals are qualified and experienced intellectuals, expert in the field of valuation. Basic qualification could be any one of the following: 1. Civil Engineers 2. Electrical Engineers 3. Mechanical Engineers 4. Engineers from other disciplines 5. Architects 6. Chartered Accountants For practising as Valuers, professionals are required to be registered and approved by Central Board of Direct Taxes, Government of India. Once approved, they are known as "Approved Valuers" or "Government Approved Valuers". They are registered under various categories. Government Approved Valuers are required for valuation of all types of assets for variety of reasons or purposes by various agencies. Top Purpose of Valuation ? 01. Capital Gain Assessment 02. Wealth Tax Assessment 03. Court Fee Calculation at the time of "Title Change" / Sales Purchase of an Asset. 04. Partition of family assets 05. Partition of business enterprises. 06. New Public Issues. 07. Mortgage /Collateral Security for banks, financial institutions. 08. Sale-Purchase 09. Mergers and Acquisitions 10. Subsidy claims 11. Revaluation - Updating the balance sheet. 12. Insurance 13. Court Fee Calculation at the time of "Title Change" / Sales Purchase of an Asset / other matters concerning the asset. 14. Auction. 15. Taxation. 16. Liquidation of an asset or business 17. Repatriation of foreign exchange against sale of an asset. 18. Issue of travel/immigration Visa. 19. Rent Fixation under Rent Control Act. 20. Insurance 21. Income Tax 22. Property Tax Top What is an Asset ? v Lands v Immovable Properties : All types of Buildings: house,flat, apartment, cottage, commercial complex, office, shop, industries, etc. vPlant and machinery vJewellery vWorks of Arts vPlantations - Coffee, Tea, Rubber, Cardamom, others. vForests vMines & Queries vStocks, Shares, Debentures, Securities vPlant and Machinery vJewellery vLife interest, reversion and interest in expectancy vAll types Motor Vehicles vShips vAeroplanes Personal Assets: 01. African Sculptures 02. Antique and collectable glass 03. Antique firearms, armour and militaria. 04. Antique furniture. 05. Antique Guns. 06. Antiques and decorative arts. 07. Asian art 08. Audiovisual media recordings 09. Automatic musical instruments 10. Automotive specialists. 11. Books 12. Dolls and toys 13. Equines 14. Ethnographic art 15. European China 16. Fine arts 17. Fine arts Photography 18. Furs 19. Japanese Prints 20. Manuscripts 21. Native American arts 22. Numismatics 23. Oriental Rugs 24. Pre-Columbian Art 25. Residential Contents, General 26. Silver and Metalware 27. Stamps 28. Textiles 29. Violins 30. Wines, Fine and Rare Top Online Information and Data (For ready reference and use by Members only) v Cost Indexes of Delhi and other cities of India v Plinth Area Rates v Land Rates v Basic Cost of Materials v Sales-Purchase registration details in Delhi v Delhi Development Authority (DDA) auction details v Life of Plant and Machinery v Important Judgements concerning Valuations Top General Information of Interest v Report Formats prescribed by various agencies v Valuation Fee Structures prescribed by various agencies v Information on obtaining Licences, Registrations, Memberships v Publications on Valuations v Frequently Asked Questions v e-Magazine containing write-ups, articles, letters from fellow professionals important news from valuation world, v Current Events - Seminars, Courses, Discussions, Exhibitions, Workshops Note: Online information and data is being build up. It is just the start. More information will be added to it as we go forward. 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