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of <h1>CBDT Circular Clarifies Market Value in Asset Transfers Set by Government or RBI Under Income-tax Act & Gift-tax Act.</h1> The circular issued by the Central Board of Direct Taxes (CBDT) on July 14, 1975, clarifies the application of the Income-tax Act, 1961, and the Gift-tax Act, 1958, regarding the determination of market value for capital asset transfers. It states that when the consideration for such transfers is set by the Central Government or the Reserve Bank of India, this value should be regarded as the market value under Section 52(2) of the Income-tax Act and Section 4(1)(a) of the Gift-tax Act. The circular advises against applying Chapter XXA of the Income-tax Act in cases where the transfer consideration is determined or approved by these authorities.
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