Section 248 — Charging of fee and submission of valuation report under section 514

(1) Subject to the provisions of sub-rules (2) and (3), the fees to be charged by a registered valuer for valuation of any asset shall not exceed the amountcalculated at the following rates:—
(a) on the first Rs. 500000 of the asset as valued 1/2% of the value;
(b) on the next ten lakhs rupees of the asset as valued 1/5% of the value;
(c) on the next forty lakhs rupees of the asset as valued 1/10% of the value; and
(d) on the balance of the asset as valued 1/20% of the value.
(2) Where two or more assets are required to be valued by a registered valuer at the instance of an assessee, all such assets shall be deemed to constitute asingle asset for the purposes of calculating the fees payable to such registered valuer.
(3) Where the amount of fees calculated in accordance with sub-rules (1) and (2) is less than Rs. 5000, the registered valuer may charge Rs. 5000 as his fees.
(4) The report of valuation by a registered valuer in respect of any asset under section 514(3), shall be in the Form No. 170.