Overview of Determination of Fair Market Value under Income Tax Act
(Rule 11UA of Income Tax Act, 1961)

•The Income Tax Act emphasizes on the requirement of ‘Fair Market Value’ in numerous provisions.

•Rule 11UA / 11UAA prescribes valuation methodology for arriving at FMV of immovable property, jewelry, work of art, shares & securities – both quoted and unquoted, for the purposes of anti-abuse provision contained in Sec. 56(2)(viib), 56(2)(x) & 50CA of Income Tax Act.

Overview of Determination of Fair Market Value under Income Tax Act