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of <h1>Rule 11U: Key Definitions for Fair Market Value of Non-Immovable Property in Income Tax Rules, 1962</h1> Rule 11U of the Income Tax Rules, 1962, defines terms used in determining the fair market value of property other than immovable property. It specifies that a 'balance-sheet' refers to the audited financial statement of a company as of the valuation date. A 'merchant banker' is a Category I merchant banker registered with SEBI. 'Quoted shares or securities' are those regularly traded on recognized stock exchanges. A 'registered dealer' is one registered under sales tax or VAT laws. 'Registered valuer' follows the definition in the Wealth Tax Act. 'Securities' and 'unquoted shares and securities' are defined per the Securities Contracts Regulation Act. The 'valuation date' is when the property or consideration is received by the assessee.
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