Value of any asset u/s.7(1) of Wealth-tax Act, 1957.

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....d fetch if sold in the open market on the valuation date. The question is how to determine the fair market value of the land falling within the jurisdiction of municipalities etc. 2. The determination of value of such lands would depend on the facts and circumstances of each case. It involves various factors depending on localities, municipal bye laws development schemes and size of the land etc.....