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of <h1>New Rule 11UAE Sets Fair Market Value for Slump Sales Under Income-tax Act Section 50B Using FMV1 or FMV2.</h1> The Income-tax (16th Amendment) Rules, 2021 introduces Rule 11UAE for computing the fair market value (FMV) of capital assets under section 50B of the Income-tax Act. This rule specifies that the FMV for slump sales will be the higher of FMV1 or FMV2. FMV1 is calculated using a formula that considers the book value of assets and liabilities, while FMV2 is determined based on the consideration received from the sale. The rule outlines specific components for both FMV1 and FMV2 calculations, including valuations for assets, liabilities, and considerations. The valuation date is set as the date of the slump sale.
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