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Capital Gain

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(Querist)
30 May 2011 Can anyone tell me about the meaning of fair value for the purpose of section 55(2)(b) of the Income Tax Act 1961?

Its quite urgent?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
30 May 2011 “fair market value”, in relation to a capital asset, means—

(i) the price that the capital asset would ordinarily fetch on sale in the open market on the relevant date ; and

(ii) where the price referred to in sub-clause (i) is not ascertainable, such price as may be determined in accordance with the rules made under this Act.
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Yogesh Kumar

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Yogesh Kumar (Querist)
30 May 2011 where i can find those rules?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
30 May 2011 Pl see rule 11UA r.a.w rule 11U of the Income tax rules,1962.
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Yogesh Kumar

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Yogesh Kumar (Querist)
30 May 2011 thank you so much
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