https://www.taxtmi.com/caselaws?id=67965 For gift-tax valuation of gifted house property, Section 6(1) of the Gift-tax Act requires estimation at the price the property would fetch in the open market. Section 6(3) applies only where the property is not saleable in the open market, so it does not govern a transferable house property. On that basis, the Tribunal treated the stamp-duty value adopted on registered transfer as a more direct indicator of market value than a notional rent capitalisation figure, and noted that Section 18A's relief for stamp duty paid fits this valuation scheme. The stamp-duty-based valuation was upheld and the rent capitalisation method rejected. en-us Fri, 22 Aug 1986 00:00:00 +0530 Tue, 15 Mar 2011 18:51:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67965 For gift-tax valuation of gifted house property, Section 6(1) of the Gift-tax Act requires estimation at the price the property would fetch in the open market. Section 6(3) applies only where the property is not saleable in the open market, so it does not govern a transferable house property. On that basis, the Tribunal treated the stamp-duty value adopted on registered transfer as a more direct indicator of market value than a notional rent capitalisation figure, and noted that Section 18A's relief for stamp duty paid fits this valuation scheme. The stamp-duty-based valuation was upheld and the rent capitalisation method rejected. Case-Laws Income Tax Fri, 22 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67965