Valuation method for trust assets determines aggregate fair market value for tax under section 115TD. Rule 17CB prescribes that the aggregate fair market value of a trust's assets for section 115TD is the sum of fair market values of balance-sheet assets reduced by income-tax paid (net of refunds) and any balance-sheet items not representing assets. It details valuation methods: quoted shares by average quoted prices on the specified date; unquoted equity shares by a formula adjusting book assets and market values apportionable to paid-up equity; non-equity securities by open-market valuation with a merchant banker or accountant report; immovable property by higher of registered valuer price or stamp duty value; business undertakings by net assets.
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Valuation method for trust assets determines aggregate fair market value for tax under section 115TD.
Rule 17CB prescribes that the aggregate fair market value of a trust's assets for section 115TD is the sum of fair market values of balance-sheet assets reduced by income-tax paid (net of refunds) and any balance-sheet items not representing assets. It details valuation methods: quoted shares by average quoted prices on the specified date; unquoted equity shares by a formula adjusting book assets and market values apportionable to paid-up equity; non-equity securities by open-market valuation with a merchant banker or accountant report; immovable property by higher of registered valuer price or stamp duty value; business undertakings by net assets.
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