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of <h1>Rule 3 valuation of undisclosed foreign assets under Black Money Act: methods for property, shares, bank accounts explained</h1> Rule 3 prescribes how to determine fair market value of undisclosed foreign assets for tax under the Black Money Act. For bullion, jewellery, art, immovable property, unquoted shares and other assets, value is the higher of cost of acquisition and open-market price, often supported by a recognised foreign valuer. Quoted shares use market prices; unquoted equity shares follow a specified net-asset formula. Bank accounts are valued by total deposits, with adjustments for prior declarations and redeposits from withdrawals. Partnership, LLP or association interests are based on allocated net assets. Special rules address pre-valuation transfers, reinvestment into new assets, and foreign-currency conversion on prescribed valuation dates.
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