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of <h1>Income-tax Act Section 52 Amended: New Sub-section (2) Empowers Officers to Assess Fair Market Value of Capital Assets</h1> Section 52 of the Income-tax Act is amended by re-numbering it as sub-section (1) and adding a new sub-section (2). Sub-section (2) allows the Income-tax Officer to determine the fair market value of a transferred capital asset if it exceeds the declared consideration by at least fifteen percent. With the approval of the Inspecting Assistant Commissioner, the full value of the consideration for the asset will be considered its fair market value on the transfer date.
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