Income- tax (16th Amendment) Rules, 2021. - New Rule 11UAE. Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act

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....ercise of the powers conferred by section 50B read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules,1962, namely:─ 1. Short title and commencement.-(1) These rules may be called the Income- tax (16th Amendment) Rules, 2021. 2. In the Income-tax Rules, 1962, after rule 11UAD, t....

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....g amount which relate to such undertaking or the division, - (i) any amount of income-tax paid, if any, less the amount of income-tax refund claimed, if any; and (ii) any amount shown as asset including the unamortised amount of deferred expenditure which does not represent the value of any asset; B = the price which the jewellery and artistic work would fetch if sold in the open market on ....

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....er at a general body meeting of the company; (iii) reserves and surplus, by whatever name called, even if the resulting figure is negative, other than those set apart towards depreciation; (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 wi....

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....provided in sub-rule (1) of rule 11UA for the property covered in that sub-rule; G = the price which the non-monetary consideration received or accruing as a result of the transfer represented by property, other than immovable property, which is not referred to in sub-rule (1) of rule 11UA would fetch if sold in the open market on the basis of the valuation report obtained from a registered valu....