Capital Gain
This query is : Resolved
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?
Its quite urgent?
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.
(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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30 May 2011
where i can find those rules?
30 May 2011
Pl see rule 11UA r.a.w rule 11U of the Income tax rules,1962.
30 May 2011
thank you so much
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