Section 246 — Application for registration as valuer under section 514

(1) An application for registration as a valuer under section 514(2) shall be made in Form No. 169 and shall be verified in the manner specified thereinand shall be accompanied by a non-refundable fee of Rs. 10000.
(2) Where an application for registration as a valuer is pending before the authorities mentioned in section 514(2), immediately before the 1st April, 2026, suchapplication shall be considered as if it has been filed under sub-rule (1) and no further payment of fee shall be required in such a case.
(3) In case any person has become ineligible for making an application for registration as a valuer in view of the qualifications specified in the provisions ofrule 247, the fee already paid by the applicant shall be refunded on an application made by him to the authorities mentioned in section 514(2).
(4) Where a person is already registered as a valuer under Wealth-tax Act, 1957 (27 of 1957) holding a valid certificate of registration as on the 31st March,2026, he will continue to be a registered valuer under section 514, but that he is required to update his details by filing application as referred in sub-rule (1) bythe 30th September, 2026, and in such a case, upon filing such application the registration shall be granted by the concerned authority in section 514, if theapplication is complete in all respects.
(5) For the purposes of sub-rule (4), the application may not be accompanied with any fee.
(6) Where a person is registered as a valuer under section 514, he shall be required to qualify in an examination within a period, as may be specified in thisbehalf by the Central Government, by notification.
(7) Where a person fails to qualify the examination as per sub-rule (6), within the specified period, the registration under section 514 shall stand cancelled witheffect from the end of such specified period.