Fair market value rules govern jewellery, shares and unquoted equity valuation through prescribed market price methods and formula-based adjustments.

Valuation of property for income-tax purposes is governed by separate fair market value rules under Rule 57 and Rule 11UA. Jewellery and artistic work are generally valued at open-market price, with invoice value applying where purchased from a registered dealer and a registered valuer's report available in specified cases. Quoted shares follow stock-exchange transaction value or quoted market price, while unquoted shares and securities are valued at open-market price, and unquoted equity shares are valued by the prescribed asset-liability formula.

---

---

---