9911796707
TMI BlogDetermination of Fair market valueX X X X Extracts X X X X X X X X Extracts X X X X ..... as artistic work) shall be the higher of- (I) its cost of acquisition; and (II) the price such artistic work shall ordinarily fetch if sold in the open market as on the 1st day of June, 2016 on the basis of the valuation report obtained by the declarant from a registered valuer; (c) the value of shares and securities of- (I) quoted share and securities shall be the higher of- (i) its cost of acquisition; and (ii) the price determined by taking- (A) the average of the lowest and highest price of such shares and securities quoted on a recognised stock exchange as on the 1st day of June, 2016; or (B) the average of the lowest and highest price of such shares and securities on a recognised stock exchange on a date immediately preceding the 1st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 with reference to the book profits in accordance with the law applicable thereto; (v) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; (vi) any amount representing contingent liabilities other than arrears of dividends payable in respect of cumulative preference shares; PE = total amount of paid up equity share capital as shown in the balance-sheet; PV= the paid up value of such equity share; (III) unquoted share and security other than equity share in a company shall be the higher of,- (i) its cost of acquisition; and (ii) t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of this clause,- (i) stamp duty value means the value adopted or assessed by any authority of the State Government for the purposes of payment of stamp duty in respect of an immovable property; (ii) Cost Inflation Index means such index as notified under clause (v) of Explanation to section 48 of the Income-tax Act, 1961.] (e) 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 determined in the manner as specified in clause (f); (f) The net asset of the firm, association of persons or limited liability partnership on the 1st day of June, 2016 shall first be determined and the portion of the net asset of the firm, association of persons o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion made in the ordinary course of business; (b) unquoted share and security in relation to share or security means share or security which is not a quoted share or security; (c) balance sheet in relation to any company means the balance sheet of such company (including the notes annexed thereto and forming part of the accounts) as on 31st day of March, 2016, which has been audited by the auditor of the company appointed under the Companies Act, 2013 (18 of 2013) and where the balance sheet as on 31st day of March, 2016 is not audited, the balance sheet (including the notes annexed thereto and forming part of the accounts) which has been approved and adopted in the annual general meeting of the shareholders of the company. (2) Where invest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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