Form explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
Form No. 170 is the report a registered valuer gives on the value of an asset. It names the assessee and the valuer, identifies the reference under which the valuation is made, then uses one of eleven schedules for the class of asset, and ends with the valuer's verification and declaration. This guide explains the form as printed in the Income-tax Rules, 2026 (G.S.R. 198(E), notified on 20 March 2026), read with the amending notifications issued up to 22 September 2026.
Under rule 248(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". Rule 248(1) caps the valuer's fee on a sliding scale, rule 248(2) treats two or more assets valued at the assessee's instance as a single asset for the fee, and rule 248(3) allows ₹ 5000 as the fee where the calculated fee is less. The form has Parts A to E: the assessee, the valuer, the valuation reference, the schedules, and the valuer's verification.
The section and the rule
Section 514 of the Income-tax Act, 2025 provides for a register of valuers and, in sub-section (3), says the valuation report prepared by a registered valuer for any asset is in the prescribed form and verified in the prescribed manner. The valuer's declaration on registration includes charging fees not exceeding the prescribed rates and refraining from valuing an asset in which the valuer has an interest. See sections 512 to 514. Registration itself is in Form No. 169, covered separately.
Rule 248 is explained in rules 246 to 248. It prints the ceiling on the valuer's fees as follows.
| Slice of the asset as valued | Ceiling |
|---|---|
| On the first ₹ 500000 | 1/2 % of the value |
| On the next ten lakh rupees | 1/5 % of the value |
| On the next forty lakh rupees | 1/10 % of the value |
| On the balance | 1/20 % of the value |
Where two or more assets are to be valued at the instance of an assessee, they are deemed a single asset for the fee, and where the fee so calculated is less than ₹ 5000, the valuer may charge ₹ 5000. A separate rule on valuation is discussed in rule 150.
If you need a valuation for a transfer, a gift or a dispute and want to understand what the valuer's report must contain, our capital gains calculation team can help you read the report against the transaction.
Parts A to C
| Part | Rows | What it asks |
|---|---|---|
| A: Personal information of the assessee | 1 to 4 | Name, PAN, address, phone with STD code, mobile number, email ID |
| B: Personal information of the valuer | 5 | Registration number under section 514, PAN, name, address, contact details |
| C: Details of valuation reference | 6 and 7 | The valuation reference against which the report is submitted; the class of asset to be valued (drop-down, multiple selection allowed) |
Part D: the schedules
Part D has eleven schedules, one for each class of asset, which match the classes in Form No. 169. Each begins with general details of the asset and ends with valuation details, and most ask for the date as of which the valuation is made, the owners (with the share of each co-owner, totalling hundred per cent), a brief description of the asset, and the unit value and value adopted.
| Schedule | Asset | What it asks beyond the general details |
|---|---|---|
| SCH IP (row 8) | Immovable asset other than agricultural land, plantations, forests, mines and quarries | Address, survey, khasra or plot identifier, latitude and longitude, type of asset and area (residential, commercial, mixed or industrial), classification of locality, proximity to civic amenities; the land: area, roads, leasehold details, restrictive covenants, easements, town planning, development contributions, acquisition notices, site plan; improvements: plans, technical details of the building, occupancy, floor space index; valuation by sale instances or basis of land rate, with the rate adopted; cost of construction: years, method (by contract, directly or both), agreements, basic rates of materials and labour |
| SCH AL (row 9) | Agricultural land other than coffee, tea, rubber and cardamom plantations | Identifier, type as per land records, area in acres, annual revenue, crops, town planning details, special features (irrigation mode, nearness to habitation, approach roads, transport of produce, cultivated by self or tenants); sale instances or basis of unit value; value |
| SCH PL (row 10) | Coffee, tea, rubber or cardamom plantation | Type, area, annual land revenue, classification, nature of soil, slope, rainfall, area under bearing, age of plants, value of crops of the past three years; sale instances or basis of unit value; value |
| SCH FR (row 11) | Forest | Area, classification, kind of timber, density, transport of timber, soil, slope, rainfall, area under bearing, age of plants, crops of the past three years; sale instances or unit value basis; value |
| SCH MQ (row 12) | Mines and quarries | Mine or quarry, area, annual land revenue, average annual output of the past three years, extractable reserves, area available for extraction, thickness of seam, stage of development, depillaring, geological disturbances; sale instances or unit value basis; value |
| SCH EX (row 13) | Stocks, shares, debentures, warrants, securities, share in partnership firm or LLP, business assets including goodwill | Type of asset (nine options); approach to valuation, covering profits, dividend policy, prospects, controlling interest, marketability and the rule applied with the full computation; unit value and value |
| SCH MP (row 14) | Machinery and plant | Machine or plant; approach covering make, manufacturer, original price, year of manufacture and present market price of similar new machinery; unit value and value |
| SCH JW (row 15) | Jewellery | A statement for each item: description, gross weight, net weight of precious metal, description and weight of stones, their value, total value and gold equivalent weight in grams; value |
| SCH AW (row 16) | Works of art | Provenance; approach covering demand, liquidity, dealers' activity and market data; unit value and value |
| SCH IN (row 17) | Life interest, reversions and interest in expectancy | The person whose interest is valued, the trust deed or will, the life tenant's particulars, the trust fund's assets, liabilities and income; approach covering margins, estate duty rate if assumed, formula and mortality or interest assumptions; unit value and value |
| SCH OT (row 18) | Other asset | General details; approach, with the documents prescribed by the authority in the form; unit value and value |
Fields marked as text in the form (descriptions up to 500 words or approaches up to 1000 words) are each a and are normally accompanied by an upload.
Part E: verification and declaration
The valuer declares, as far as the valuer knows and believes, that what is stated is correct, complete and truly stated; that the valuer has no direct or indirect interest in the asset valued; and that the valuer has personally inspected the asset and examined all the relevant details. The valuer states the capacity in which the declaration is made and signs with name and designation, if applicable.
Notes and annexure
The Notes cover the format of names and addresses, pre-filled information, the special features of agricultural land, and the unit of amounts (rupees). The note for row 8(c)(ii) says an annexure of technical details of the building is to be filled and uploaded, modified to suit the property. The annexure lists, for the main building, annexe, servants' quarters, garages and pump house, items such as the number of floors and height, plinth area, year of construction, estimated future life, type of construction, foundations, walls, partitions, doors and windows, and similar particulars floor by floor.
An example
Rukmini Tiwari, a registered valuer, is asked to value a commercial plot with a building for an assessee, Anand Trading Company. She fills Part A with the assessee's details and Part B with her registration number under section 514, enters the valuation reference in row 6 and selects the class in row 7. She completes Schedule SCH IP: general details in item A, the land in item B, the improvements in item C with the technical annexure, sale instances in item D, and construction cost in item E. In Part E she declares that she has no interest in the asset and inspected it. The fee she may charge is capped by the rule 248(1) slices, subject to the minimum in rule 248(3).
Need help reading a valuation report?
The report can decide the value that goes into a transfer or a dispute. Our capital gains calculation team can help you review the schedule, the sale instances and the basis of the rate before you rely on it.
Key takeaways
- Form No. 170 is the registered valuer's report under section 514(3) and rule 248(4).
- Parts A to C identify the assessee, the valuer and the valuation reference; Part D carries one of eleven schedules; Part E is the valuer's verification.
- The schedules are SCH IP, AL, PL, FR, MQ, EX, MP, JW, AW, IN and OT.
- The fee is capped by the sliding scale in rule 248(1); multiple assets are treated as one; ₹ 5000 may be charged where the calculation gives less.
- The valuer declares no interest in the asset and personal inspection.
Read next
- Rules 246 to 248: registration as valuer, Form No. 169, fee and Form No. 170
- Rule 150: valuation under section 247(9)
- Form No. 28: the accountant's report on a slump sale, which relies on a registered valuer's report for jewellery and artistic work
- Form Nos. 169 and 171: registration as valuer and as authorised income-tax practitioner
Disclaimer: Based on the Income-tax Rules, 2026 (G.S.R. 198(E), notified on 20 March 2026), read with the amending notifications issued up to 22 September 2026, as consulted on 4 October 2026. It explains the words of the forms and rules only; later notifications, the forms and utilities on the e-filing portal, circulars and the way the tax authorities apply these provisions should be checked. This article is general information, not legal advice; check the official text before acting.