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.

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, maybe property/machine/gold, or any other item. The license to act is issued by the Chief Commissioner of Income Tax. The main categories under which the license is issued are:

• Immovable Properties
• Agricultural Lands
• Plantations: Coffee, Tea, Rubber, Cardamom, and others.
• Forests
• Mines & Queries
• Stocks, Shares, Debentures, Securities
• Plant and Machinery
• Works of Arts
• Life interest, reversion, and interest in expectancy

A Chartered Engineer is a member of the Institution of Engineers (India). The institute grants him a certificate to act as a "chartered engineer" based on his academic qualifications and experience. Importers and exporters require their services to certify the value of goods/equipment/plant for customs/duty drawback/excise purposes.

A 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 the qualification and experience of the person.

Chartered Accountants, Banks, Financial Institutions, Property Sellers/Buyers, Public and Private Limited Companies, Owners of factories, plants and machinery, land, houses, apartments, cars, stocks and shares, or other asset(s).

• Consultations, valuations, and associated technical services for matters concerning:
• Immovable Properties
• Agricultural Lands
• Plantations: Coffee, Tea, Rubber, Cardamom, and others.
• Forests
• Mines & Quarries
• Stocks, Shares, Debentures, Securities
• Plant and Machinery

• Works of Arts
• Life interest, reversion, and interest in expectancy

• The Process of Valuation and the Sequence:
• Understanding the purpose of valuation.
• Collection of required documents and information
• Site inspection and collection of field data.
• Analyzing the information/field data collected.
• Assessment of the value of the asset(s) based on facts, market rates, and experience
• Produce a valuation report detailing the facts and assessment made, and issue a certificate of valuation.
• Proper guidance to the client.

A valuation report becomes necessary to know the certified market value of an asset for several reasons (see Purpose of Valuation).

• Individuals
• Industrial Concerns
• Private Companies
• Public Sector Undertakings
• Financial Institutions: Small Industries Development Corporation, Medium Scale Industries Corporation, Industrial Investment Corporations owned by the State Government, UPFC, etc.
• Private and Public Sector Banks
• Owners of all types of assets: land, house, flat, apartment, shop, etc.
• Insurance Companies
• Courts
• Government Departments: Income Tax, Wealth Tax, Municipal Corporation, etc.
• Visa-issuing offices of various countries allowing immigration/travel
• Reserve Bank for repatriation of foreign exchange

Professionals are qualified and experienced intellectuals, experts in the field of valuation. Basic qualifications could be any one of the following:

• Civil Engineers
• Electrical Engineers
• Mechanical Engineers
• Engineers from other disciplines
• Architects
• Chartered Accountants

For practicing as valuers, professionals are required to be registered and approved by the 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 the valuation of all types of assets for a variety of reasons or purposes by various agencies.

• Capital Gain Assessment
• Wealth Tax Assessment
• Court Fee Calculation at the time of "Title Change" / Sales Purchase of an Asset
• Partition of family assets
• Partition of business enterprises
• New Public Issues
• Mortgage/Collateral Security for banks, financial institutions
• Sale-Purchase
• Mergers and Acquisitions
• Subsidy claims
• Revaluation—Updating the balance sheet
• Insurance
• Court Fee Calculation at the time of "Title Change" / Sales Purchase of an Asset / other matters concerning the asset
• Auction
• Taxation
• Liquidation of an asset or business
• Repatriation of foreign exchange against the sale of an asset
• Issue of travel/immigration visa
• Rent Fixation under the Rent Control Act
• Insurance
• Income Tax
• Property Tax

• Lands
• Immovable Properties: All types of buildings: house, flat, apartment, cottage, commercial complex, office, shop, industries, etc.
• Plant and machinery
• Works of Arts
• Plantations: Coffee, Tea, Rubber, Cardamom, and others.
• Forests
• Mines & Quarries
• Stocks, Shares, Debentures, Securities
• Plant and Machinery
• Life interest, reversion, and interest in expectancy
• All types of motor vehicles
• Ships
• Airplanes