TMI BlogAmendment in IT (Second Amendment) Rules, 2010X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be inserted, namely:- 'H. - Determination of fair market value of the property other than immovable property 11U. Meaning of expressions used in determination of fair market value .- For the proposes of this rule and rule 11UA,- (a) accountant shall have the same meaning as assigned in the Explanation to section 288 of the Act ; (b) balance-sheet , in relation to any company, means the balance-sheet of such company (including the notes annexed thereto and forming part of the accounts) as drawn up on the valuation date; (c) merchant banker means category I merchant banker registered with Security and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Jewellery .- (i) the fair market value of jewellery shall be estimated to be the price which such jewellery would fetch if sold in the open market on the valuation date; (ii) in case the jewellery is received by the way of purchase on the valuation date, from a registered dealer, the invoice value of the jewellery shall be the fair market value; (iii) In case the jewellery is received by any other mode and the value of the jewellery exceeds rupees fifty thousand, then assessee may obtain the report of registered valuer in respect of the price it would fetch if sold in the open market on the valuation date; (b) valuation of archeological collections, drawings, paintings, sculptures or any work of art.- (i) the fair market ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on any recognized stock exchange on a date immediately preceding the valuation date when such shares and securities were traded on such stock exchange, in cases where on the valuation date there is no trading in such shares and securities on any recognized stock exchange; (b) the fair market value of unquoted equity shares shall be the value, on the valuation date, of such unquoted equity shares as determined in the following manner namely:- The fair market value of unquoted equity shares = (A-L)/(PE) * (PV) Where, A= Book value of the assets in Balance Sheet as reduced by any amount paid as advance tax under the Income-tax Act and any amount shown in the balance sheet including the debit balance of the profit and loss account o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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