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of <h1>Valuation of Gifted Shares/Debentures Unchanged Despite Wealth-tax Act Amendment; Gift-tax Act Rules Still Apply.</h1> The circular addresses the valuation of gifts of shares or debentures under the Gift-tax Act, 1958, following the removal of Part C of Schedule III from the Wealth-tax Act, 1957, effective from April 1, 1993. Despite this omission, the circular clarifies that the valuation method for shares and debentures under the Gift-tax Act remains unchanged. The rules in Part C of Schedule III to the Wealth-tax Act will still apply for determining the value of such gifts, ensuring consistency in valuation practices under the Gift-tax Act.
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