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of <h1>Income Declaration Scheme 2016: Rules for Valuing Assets Like Jewelry, Property, and Shares Effective June 1, 2016</h1> The Income Declaration Scheme Rules, 2016, outline the determination of fair market value for various assets as of June 1, 2016. The valuation for bullion, jewelry, precious stones, artistic works, shares, securities, immovable property, and other assets is based on the higher of acquisition cost or market price, as assessed by a registered valuer. Specific rules apply for quoted and unquoted shares, with calculations involving book values and liabilities. For immovable property, valuation may consider stamp duty value adjusted for inflation. The value of interests in partnerships or associations is based on net assets, and adjustments are made for assets funded by previously taxed income.
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