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of <h1>Understanding Valuation Rules Under Section 56 of Income Tax Act: Fair Market Value for Property, Jewellery, and Shares</h1> The valuation rules under Section 56 of the Income Tax Act for determining the fair market value of various properties, including immovable property, jewellery, and shares. For immovable property, if received without consideration and the Stamp Duty Value (SDV) exceeds 50,000, it is considered as income from other sources. For shares, the fair market value of quoted and unquoted equity shares is determined under Rule 11UA, with specific provisions for shares issued by closely held companies. The document also details inclusions and exclusions in assets and liabilities for valuing unquoted equity shares, specifying what can and cannot be included.
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