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Oct 01, 2017

CBDT notifies Final Rules prescribing Method of Valuation

The Finance Act, 2017 amended the Income-tax Act, 1961 to insert two new provisions, namely Section 56(2)(x) and Section 50CA. Section 56(2)(x) provides that where a person receives any property for a consideration less than its fair market value (‘FMV’), the difference between the consideration received and such FMV shall be taxable in the hands of the recipient. Section 50CA provides that where a person receives any consideration for transfer of unquoted shares which is less than their FMV, the FMV shall be deemed to be the full value of consideration for computation of capital gains tax liability. The Central Board of Direct Taxes has now notified the final Rules[1] providing for the manner of computation of FMV of unquoted shares under the aforesaid provisions.

[1]     Rules 11UA and 11UAA of the Income-tax Rules, 1962 [Notification No. 61/ 2017 dated July 12, 2017].

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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