What are the guidelines to work out fair market value of Shares for the purpose section 56(2) (vii) of the IT Act, 1961
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Fair Market Value
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Dear Sudhir Sir,
I dont think that any rules have been specified for Sec 56, although u r correct in asking that language says that in a manner "as may be prescribed"
So as of now, No clue, I think would be same as that of wealth tax act........
Lets just wait n see what Department comes up with............
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