In the Income-tax Rules, 1962, after rule 11UAD, the following rule shall be inserted, namely: — “11UAE.Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act: READ FULL NOTIFICATION DT-24/05/2021

New Delhi, the 24th May, 2021 (TECHNO NEWS): MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) ISSUED NOTIFICATION NO: G.S.R. 338 (E). WHICH STATES AS BELOW:

In exercise of the powers conferred by section 50B read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules,1962, namely:─
1. Short title and commencement.-(1) These rules may be called the Income-tax (16th Amendment) Rules, 2021.
2. In the Income-tax Rules, 1962, after rule 11UAD, the following rule shall be inserted, namely: — “11UAE.Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act.
(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.
(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 – A+B+C+D – L, ………
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (ii) vide number. S.O. 969 (E), dated the 26th March 1962 and last amended vide notification number G.S.R. 320(E) dated 5t May 2021.

TO READ FULL NOTIFICATION DATED 24th May, 2021 CLICK BELOW LINK

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