Fair market valuation under tax rules follows stamp duty value, prescribed methods, or open market price for different property classes. Valuation under section 247(9) requires determination of fair market value by specified methods depending on the nature of the property. Immovable property is valued by stamp-duty value, with construction and improvement cost added where applicable; jewellery, art, shares and securities are valued under the prescribed valuation rule; and other property, or property not capable of such valuation, is valued at its open market price on the relevant date or dates. The valuation report must be submitted in Form No. 170 by the Valuation Officer, registered person, or approved person or entity.