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of <h1>New Directive on Valuing Partner's Profit Rights Under Gift-tax Rules, 1958, Effective May 30, 1977.</h1> The Central Board of Direct Taxes issued a directive regarding the valuation of a partner's right to share the profits of a firm without sharing its assets, effective from May 30, 1977. As per the Gift-tax Rules, 1958, the valuation involves calculating the average annual income of the business, with adjustments for salaries, interest, and non-recurring items. The income is then multiplied by a factor of 2 or 3, depending on whether the firm is mainly professional or otherwise. Finally, the partner's share in the profits is applied to this figure to determine the value of their interest.
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