Fair market value rules set category-specific valuation methods for assets declared under the income declaration scheme. Fair market value under the Income Declaration Scheme Rules, 2016 is determined as on 1 June 2016 by category-specific tests: bullion, jewellery, precious stones and artistic works at the higher of cost or valuer-supported open-market price; quoted securities at the higher of cost or exchange-derived average price; unquoted equity shares by a formula using balance-sheet book values, specified assets and liabilities and paid-up capital; immovable property at the higher of cost or valuer-supported open-market price with an optional stamp-duty-value/CII adjustment; partnership interests by net-asset allocation; other assets at the higher of cost or open-market price. Valuation reductions apply for portions funded from income already assessed to tax.