TaxTMI 
TaxTMI 
Fair market value
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....erred to as artistic work) shall be the higher of,- (i) its cost of acquisition; and (ii) the price that the artistic work shall ordinarily fetch if sold in the open market on the valuation date for which the assessee may obtain a report from a valuer recognised by the Government of a country or specified territory outside India or any of its agencies for the purpose of valuation of artistic work under any regulation or law: Provided that the indexed cost of acquisition shall be deemed to be the fair market value where the valuation as per sub-clause (ii) is not carried out; (c) valuation of shares and securities,- (i) the fair market value of quoted shares and securities shall be the higher of,- (I) its cost of acquisition; and (II) the price as determined in the following manner, namely :- (A) the average of the lowest and highest price of such shares and securities quoted on any established securities market on the valuation date; or (B) where on the valuation date there is no trading in such shares and securities on any established securities market, average of the lowest and highest price of such ....
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....iii) the fair market value of an unquoted share and security other than equity share in a company shall be the higher of,- (I) its cost of acquisition; and (II) the price that the share or security shall ordinarily fetch if sold in the open market on the valuation date for which the assessee may obtain a report from a valuer recognised by the Government of a country or specified territory outside India or any of its agencies for the purpose of valuation of share and security under any regulation or law: Provided that the indexed cost of acquisition shall be deemed to be the fair market value where the valuation as per item (II) is not carried out; (d) the fair market value of an immovable property shall be the higher of,- (i) its cost of acquisition; and (ii) the price that the property shall ordinarily fetch if sold in the open market on the valuation date for which the assessee may obtain a valuation report from a valuer recognised by the Government of a country or specified territory outside India in which the property is located or any of its agencies for the purpose of valuation of immovable property under any regulation or....
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.... - $ 2,500 01.06.2020 - $ 400 - 01.09.2021 $ 1,000 - $ 600 01.05.2024 - $ 500 - TOTAL $ 3,100 The value of this asset that is $ 3,100 will be converted into Rupees as on 31st March, 2026 for the purpose of valuation under these rules. (f) 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 the sum total of the amount allocated to a partner or member determined in the following manner :- (i) the net asset of the firm, association of persons or limited liability partnership on the valuation date shall first be determined; (ii) the portion of the net asset of the firm, association of persons or limited liability partnership as is equal to the amount of its capital shall be allocated among its partners or members in the proportion in which capital has been contributed by them; (iii) the residue of the net asset shall be allocated among the partners or members in accordance with the agreement of partnership or association for distribution of assets in the event of dissolution o....
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.... Nil FMV of BA: Rs. 70 lakh - Rs. 30 lakh (invested in H2) = Rs. 40 lakh FMV of H2: (Higher of Rs. 30 lakh and 50 lakh) = Rs. 50 lakh Illustration 2: Undisclosed foreign income (FI) of seventy lakh rupees was earned in 2022. An immovable property (FA) located outside India was bought for sixty lakh rupees in 2023. The investment in FA was made through the utilisation of FI. FA has not been transferred before the valuation date and its value on the valuation date is eighty lakh rupees. Given that the value of FI as computed is seventy lakh rupees, the fair market value (FMV) / value of the asset and income shall be as below: Value of FI: Rs. 70 lakh - Rs. 60 lakh (invested in FA) = Rs. 10 Lakh FMV of FA: (Higher of Rs. 60 lakh and 80 lakh) = Rs. 80 lakh. (4) The fair market value of an asset determined in a currency which is one of the permitted currencies designated by the Reserve Bank of India under the Foreign Exchange Management (Deposit) Regulations, 2016, shall be converted into Indian currency as per the reference rate of the Reserve Bank of India on the valuation date. (5) Where the fair market value of an asset is determined i....