Full value of the consideration
48. (1) The full value of the consideration shall be the amount received by, or accruing to, the transferor, directly or indirectly, as a result of the transfer of the investment asset.
(2) The full value of the consideration shall, notwithstanding anything contained in sub-section (1), be,-
(a) the amount of compensation awarded in the first instance or, as the case may be, the consideration determined or approved in the first instance by the Central Government or the Reserve Bank of India, if the transfer of the investment asset is by the mode specified in sub-clause (c) of clause (287) of section 284;
(b) the fair market value of the asset as on the date of the transfer, if the transfer is by the mode specified in sub-clause (d) of clause (287) of section 284;
(c) the amount of consideration received, if the transfer is by the mode specified in sub-clause (e) of clause (287) of section 284;
(d) the amount recorded in the books of account of the company or unincorporated body as the value of the investment asset, if the transfer of the investment asset is by the mode specified in sub-clause (f) of clause (287) of section 284;
(e) the fair market value of the asset as on the date of the transfer, if such transfer is by the mode specified in sub-clause (g) of clause (287) of section 284;
(f) the amount of money, or the fair market value as on the date of the receipt of any asset, received under an insurance from an insurer, if the transfer of the investment asset is by the mode specified in sub-clause (m) of clause (287) of section 284;
(g) the amount of money, or the fair market value as on the date of distribution of any asset, received from a company under liquidation or dissolution , as reduced by the amount of dividend within the meaning of sub-clause (iii) of clause (89) of section 284, if the person is a shareholder of the company;
(h) the amount of money, or the fair market value as on the date of distribution of the asset, received by the participant, if the transfer of the asset is by the mode specified in sub-clause (o) of clause (287) of section 284;
(i) the fair market value as on the date of transfer of the asset, if the transfer is by the mode, and the asset is of the nature, specified in clause (b) of sub-section (1) of section 45;
(j) the higher of the stamp duty value of the asset and the value of the asset ascertained on reference, if any, to the Valuation Officer.
(3) The reference to the Valuation Officer referred to in sub-section (2) shall be made, at the option of the assessee, if-
(i) the asset is land or building; and
(ii) the consideration accrued, or received, as a result of the transfer of the asset is less than the stamp duty value of the asset.
