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Fair market value

Rule 3 - Other Direct Tax Provisions - Rule 3 - 3. . ─ (1) For the purposes of sub-section (2) of section 3 of the Act, the of the assets shall be determined in the following manner, namely:- (a) value of bullion, jewellery or precious stone shall be the higher of,- (I) its cost of acquisition; and (II) the price that the bullion, jewellery or precious stone shall ordinarily fetch if sold in the open market on the valuation date for which the assessee may obtain a report from a valuer reco .....

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te for which the assessee may obtain a report from a valuer recognised by the Government of a country or specified territory outside India or any of its agencies for the purpose of valuation of artistic work under any regulation or law; (c) valuation of shares and securities,- (I) the of quoted share and securities shall be the higher of,- (i) its cost of acquisition; and (ii) the price as determined in the following manner, namely:- (A) the average of the lowest and highest price of such shares .....

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ts cost of acquisition; and (ii) the value, on the valuation date, of such equity shares as determined in the following manner, namely:- the of unquoted equity shares = (A+B-L)/ (PE) x (PV), where, A= book value of all the assets (other than bullion, jewellery, precious stone, artistic work, shares, securities and immovable property) as reduced by,- (i) any amount of income-tax paid, if any, less the amount of income-tax refund claimed, if any, and (ii) any amount shown as asset including the un .....

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ver name called, even if the resulting figure is negative, other than those set apart towards depreciation; (iv) any amount representing provision for taxation, other than amount of income-tax paid, if any, less the amount of income-tax claimed as refund, if any, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; .....

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uation date for which the assessee may obtain a report from a valuer recognised by the Government of a country or specified territory outside India or any of its agencies for the purpose of valuation of share and security under any regulation or law; (d) the of an immovable property shall be higher of,- (I) its cost of acquisition; and (II) the price that the property shall ordinarily fetch if sold in the open market on the valuation date for which the assessee may obtain a valuation report from .....

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r sub-clause (I) has been charged to tax and penalty under that Chapter, the sum of all the deposits made in the account with the bank since the date of such declaration: Provided that where any deposit is made from the proceeds of any withdrawal from the account, such deposit shall not be taken into consideration while computing the value of the account. (f) value of an interest of a person in a partnership firm or in an association of persons or a limited liability partnership of which he is a .....

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allocated among the partners or members in accordance with the agreement of partnership or association for distribution of assets in the event of dissolution of the firm or association, or, in the absence of such agreement, in the proportion in which the partners or members are entitled to share profits and the sum total of the amount so allocated to a partner or member shall be treated as the value of the interest of that partner or member in the partnership or association. Explanation.- For th .....

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), where an asset (other than a bank account) was transferred before the valuation date the of such asset shall be higher of its cost of acquisition and the sale price: Provided that where such asset was transferred without consideration or inadequate consideration before the valuation date, the of the asset shall be higher of its cost of acquisition and the on the date of transfer. (3) Where a new asset has been acquired or made out of consideration received on account of transfer of an old ass .....

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ty lakh rupees. The investment in H2 was made through withdrawal from BA. H2 has not been transferred before the valuation date and its value on the valuation date is fifty lakh rupees. Assuming that the value of BA as computed under Rule 3(1)(e) is seventy lakh rupees, the (FMV) of the assets shall be as below: FMV of H1: (Higher of ₹ 20 lakh and 25 lakh) - ₹ 25 lakh (invested in BA) = Nil FMV of BA: ₹ 70 lakh - ₹ 30 lakh (invested in H2) = ₹ 40 lakh FMV of H2: (Hi .....

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h value shall be converted into United States Dollar on the date of valuation as per the rate specified by the Central Bank of the country or jurisdiction in which the asset is located and such value in United States Dollar shall be converted into Indian currency as per the reference rate of the Reserve Bank of India on the date of valuation: Provided that where the Central Bank of the country or jurisdiction in which the asset is located does not specify the rate of conversion from its local cu .....

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