Open market valuation: ignore transfer price under deeds of trust or restrictive covenants when determining market value. The amendment to section 7(1) of the Wealth-tax Act adds an Explanation stating that the price or other consideration for which property is acquired by or transferred under a deed of trust or through any restrictive covenant shall be ignored for the purpose of determining the price such property would fetch if sold in the open market on the valuation date.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Open market valuation: ignore transfer price under deeds of trust or restrictive covenants when determining market value.
The amendment to section 7(1) of the Wealth-tax Act adds an Explanation stating that the price or other consideration for which property is acquired by or transferred under a deed of trust or through any restrictive covenant shall be ignored for the purpose of determining the price such property would fetch if sold in the open market on the valuation date.
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