Fair market value rules define how capital assets, securities, units and immovable property are valued for tax purposes. Definitions set the operative method for determining fair market value for income tax valuation: open market price on the relevant date or prescribed rule based price where market price is not ascertainable. Special valuation rules apply to quoted shares (highest quoted or most recent trading price on a reference date), unlisted units (net asset value), equity shares with listing changes (cost adjusted by a cost inflation proportion), and immovable property (open market sale price on execution date, lease premium where applicable, or money consideration for transfers).