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of <h1>Rule 11UAB Details Fair Market Value for Inventory to Capital Asset Conversion Under Section 28(via)</h1> Rule 11UAB of the Income-tax Rules, 1962, outlines the determination of fair market value for inventory converted into capital assets under section 28(via) of the Act. For immovable property, the value is based on the stamp duty assessment by government authorities on the conversion date. For items like jewelry, art, shares, or securities, valuation follows Rule 11UA procedures, referencing the conversion date. For other properties, the value is the potential open market sale price on the conversion date. This rule was introduced by Notification No. 42/2018, effective from April 1, 2019.
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