{"id":248685,"date":"2021-05-25T15:06:48","date_gmt":"2021-05-25T09:36:48","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=248685"},"modified":"2021-05-25T15:07:49","modified_gmt":"2021-05-25T09:37:49","slug":"cbdt-notifies-computation-of-fair-market-value-of-capital-assets-under-income-tax-16th-amendment-rules-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/25\/cbdt-notifies-computation-of-fair-market-value-of-capital-assets-under-income-tax-16th-amendment-rules-2021\/","title":{"rendered":"CBDT notifies computation of Fair Market Value of Capital Assets under Income Tax (16th Amendment) Rules, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">The Central Board of Direct Taxes vide <a href=\"https:\/\/egazette.nic.in\/WriteReadData\/2021\/227139.pdf\">Notification No. 68\/2021 dated 24.05.2021<\/a> has notified Income tax (16th Amendment) Rules, 2021 to further to amend the Income tax Rules, 1962. The Amendment inserts Rule 11UAE in Income-tax Rules which prescribes the method to compute fair market value of capital asset for the purposes of Section 50B of the Income tax Act, 1961, i.e., provision for computation of capital gains in case of slump sale.<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">Rule 11UAE in Income-tax Rules reads as below:<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>\u201c11UAE.Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act.<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>(1) For the purpose of clause (ii) of sub-section (2) of section 50B, the fair market value of the capital assets shall be the FMV1 determined under sub-rule (2) or FMV2 determined under sub-rule (3), whichever is higher.<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>(2) The FMV1 shall be the fair market value of the capital assets transferred by way of slump sale determined in accordance with the formula \u2013<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>A+B+C+D &#8211; L, where, <\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>A= book value of all the assets (other than jewellery, artistic work, shares, securities and immovable property) as appearing in the books of accounts of the undertaking or the division transferred by way of slump sale as reduced by the following amount which relate to such undertaking or the division, \u2014<\/em><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul style=\"text-align: justify;\">\n<li><em>any amount of income-tax paid, if any, less the amount of income-tax refund claimed, if any; and<\/em><\/li>\n<li><em>any amount shown as asset including the unamortised amount of deferred expenditure which does not represent the value of any asset;<\/em><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>B = the price which the jewellery and artistic work would fetch if sold in the open market on the basis of the valuation report obtained from a registered valuer;<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>C = fair market value of shares and securities as determined in the manner provided in sub-rule (1) of rule 11UA;<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>D = the value adopted or assessed or assessable by any authority of the Government for the purpose of payment of stamp duty in respect of the immovable property;<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>L= book value of liabilities as appearing in the books of accounts of the undertaking or the division transferred by way of slump sale, but not including the following amounts which relates to such undertaking or division, namely: \u2014<\/em><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul style=\"text-align: justify;\">\n<li><em>the paid-up capital in respect of equity shares;<\/em><\/li>\n<li><em>the amount set apart for payment of dividends on preference shares and equity shares where such dividends have not been declared before the date of transfer at a general body meeting of the company;<\/em><\/li>\n<li><em>reserves and surplus, by whatever name called, even if the resulting figure is negative, other than those set apart towards depreciation;<\/em><\/li>\n<li><em>any amount representing provision 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;<\/em><\/li>\n<li><em>any amount representing provisions made for meeting liabilities, other than ascertained liabilities;<\/em><\/li>\n<li><em>any amount representing contingent liabilities other than arrears of dividends payable in respect of cumulative preference shares. <\/em><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>(3) FMV2 shall be the fair market value of the consideration received or accruing as a result of transfer by way of slump sale determined in accordance with the formulaE+F+G+H, where,<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>E = value of the monetary consideration received or accruing as a result of the transfer;<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>F = fair market value of non-monetary consideration received or accruing as a result of the transfer represented by property referred to in sub-rule (1) of rule 11UA determined in the manner provided in sub-rule (1) of rule 11UA for the property covered in that sub-rule;<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>G = the price which the non-monetary consideration received or accruing as a result of the transfer represented by property, other than immovable property, which is not referred to in sub-rule (1) of rule 11UA would fetch if sold in the open market on the basis of the valuation report obtained from a registered valuer, in respect of property;<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>H = the value adopted or assessed or assessable by any authority of the Government for the purpose of payment of stamp duty in respect of the immovable property in case the non-monetary consideration received or accruing as a result of the transfer is represented by the immovable property.<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>(4) The fair market value of the capital assets under sub-rule (2) and sub-rule (3) shall be determined on the date of slump sale and for this purpose valuation date referred to in rule 11UA shall also mean the date of slump sale.<\/em><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><em>Explanation. -For the purposes of this rule, the expression &#8220;registered valuer&#8221; and &#8220;securities&#8221; shall have the same meanings as respectively assigned to them in rule 11U.\u201d.<\/em><\/p>\n<p><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has put this story together.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Board of Direct Taxes vide Notification No. 68\/2021 dated 24.05.2021 has notified Income tax (16th Amendment) Rules, 2021 to further <\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-248685","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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56\u00a0read with Section 295\u00a0of the\u00a0Income Tax Act, 1961 ( 43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the\u00a0Income Tax Rules, 1962, namely:- 1. (1) These rules may be\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":129271,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/05\/08\/draft-rules-relating-to-valuation-of-unquoted-equity-share-for-purposes-of-sections-56-and-50ca-of-it-act-1961\/","url_meta":{"origin":248685,"position":1},"title":"Draft Rules relating to valuation of unquoted equity share for purposes of Sections 56 and 50CA of IT Act, 1961","author":"Saba","date":"May 8, 2017","format":false,"excerpt":"The Finance Act, 2017 inserted clause (x) in sub-section (2) of Section 56 of the Income Tax Act 1961 (\u2018the Act\u2019) so as to widen the scope of taxability of receipt of sum of money or property without\/inadequate consideration. Under the said clause read with Rule 11UA of the Income\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":126991,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/26\/method-of-valuation-of-accreted-income-of-trustinstitution-for-additional-tax-us-115td2-notified\/","url_meta":{"origin":248685,"position":2},"title":"Method of valuation of accreted income of trust\/institution for additional tax u\/S. 115TD(2), notified","author":"Saba","date":"April 26, 2017","format":false,"excerpt":"G.S.R.399(E).\u2013 In exercise of the powers conferred by Section 295 read with Section 115TD of the Income Tax\u00a0Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the\u00a0Income Tax Rules, 1962, namely:- 1. (1) These rules may be called the Income\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":250729,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/03\/income-tax-amendment-18th-amendment-rules-2021\/","url_meta":{"origin":248685,"position":3},"title":"Income tax Amendment (18th Amendment), Rules, 2021","author":"Prachi Bhardwaj","date":"July 3, 2021","format":false,"excerpt":"The Central Board of Direct Taxes has notified Income Tax Amendment (18th Amendment), Rules, 2021 on July 2, 2021. It further amends the Income-tax Rules, 1962 in the following manner: In rule 8AA, after sub-rule (4), the following sub-rule shall be inserted, namely:- (5). In case of the amount which\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":250941,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/08\/income-tax-amendment-19th-amendment-rules-2021\/","url_meta":{"origin":248685,"position":4},"title":"New Rule for computation of short term capital gains and written down value, introduced","author":"Bhumika Indulia","date":"July 8, 2021","format":false,"excerpt":"On July 07, 2021, the Central Board of Direct Taxes makes the Income tax Amendment (19th Amendment), Rules, 2021 further to amend the Income-tax Rules,1962. \u00a0 In the Income-tax Rules, 1962, the following rules shall be inserted, namely:\u2014 \u201c8AC. Computation of short term capital gains and written down value under\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/07\/TAX_NEW.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":377650,"url":"https:\/\/www.scconline.com\/blog\/post\/2026\/03\/07\/finance-ministry-notified-income-tax-amendment-rules-2026-explained\/","url_meta":{"origin":248685,"position":5},"title":"Income Tax (Amendment) Rules, 2026: Key Changes to Rules 114-F, 114-G and 114-H","author":"Shubhi","date":"March 7, 2026","format":false,"excerpt":"Finance Ministry has notified the Income Tax (Amendment) Rules, 2026, aligning tax reporting framework with evolving global standards for digital assets, electronic-money instruments, and CBDCs.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Income Tax Amendment Rules","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/03\/Income-Tax-Amendment-Rules.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/03\/Income-Tax-Amendment-Rules.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/03\/Income-Tax-Amendment-Rules.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2026\/03\/Income-Tax-Amendment-Rules.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/248685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=248685"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/248685\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=248685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=248685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=248685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}