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of <h1>New Income-tax Rules Amend Valuation Methods for Non-Immovable Properties, Effective October 1, 2009, u/s 56.</h1> The Central Board of Direct Taxes has amended the Income-tax Rules, 1962, through the Income-tax (Second Amendment) Rules, 2010, effective from October 1, 2009. The amendment introduces new rules for determining the fair market value of properties other than immovable property. It defines key terms such as 'accountant,' 'merchant banker,' and 'quoted shares.' The rules outline methods for valuing jewelry, artistic works, and shares, specifying conditions under which valuations must be obtained from registered dealers or valuers. These rules aim to standardize the valuation process for tax purposes under section 56 of the Income-tax Act.
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