Determination of Fair market value

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....as artistic work) shall be the higher of- (I) its cost of acquisition; and (II) the price such artistic work shall ordinarily fetch if sold in the open market as on the 1st day of June, 2016 on the basis of the valuation report obtained by the declarant from a registered valuer; (c) the value of shares and securities of- (I) quoted share and securities shall be the higher of- (i) its cost of acquisition; and (ii) the price determined by taking- (A) the average of the lowest and highest price of such shares and securities quoted on a recognised stock exchange as on the 1st day of June, 2016; or (B) the average of the lowest and highest price of such shares and securities on a recognised stock exchange on a date immediately pr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ion; (iv) any amount representing provision for taxation, other than amount of income-tax paid, if any, less the amount of income-tax claimed as refund, if any, to the extent of the excess over the tax payable with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; (vi) any amount representing contingent liabilities other than arrears of dividends payable in respect of cumulative preference shares; PE = total amount of paid up equity share capital as shown in the balance-sheet; PV= the paid up value of such equity share; (III) unquoted share and security other than equity share in a company shall be ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....for the year 1981-82" had been substituted. Explanation- For the purposes of this clause,- (i) "stamp duty value" means the value adopted or assessed by any authority of the State Government for the purposes of payment of stamp duty in respect of an immovable property; (ii) "Cost Inflation Index" means such index as notified under clause (v) of Explanation to section 48 of the Income-tax Act, 1961.] (e) value of an interest of a person in a partnership firm or in an association of persons or a limited liability partnership of which he is a member shall be determined in the manner as specified in clause (f); (f) The net asset of the firm, association of persons or limited liability partnership on the 1st day of June, 2016 shall fir....