Fair market value reference to valuation officer may be made for capital gains where declared value appears inconsistent with market value.

Reference to a Valuation Officer may be made for ascertaining the fair market value of a capital asset for computing capital gains. The Assessing Officer may refer valuation where the assessee has relied on a registered valuer's report and the claimed value appears at variance with fair market value, or where the officer considers that the fair market value exceeds the declared value by more than the prescribed threshold or that the nature of the asset and surrounding circumstances justify the reference. The valuation officer's jurisdiction is determined by value slabs and the assessee's declared value.

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