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[Cites 0, Cited by 0] [Section 11UA(1)] [Section 11UA] [Entire Act]

Union of India - Subsection

Section 11UA(1)(a) in Income Tax Rules, 1962

(a)valuation of jewellery,-
(i)the fair market value of jewellery shall be estimated to be the price which such jewellery would fetch if sold in the open market on the valuation date;
(ii)in case the jewellery is received by the way of purchase on the valuation date, from a registered dealer, the invoice value of the jewellery shall be the fair market value;
(iii)in case the jewellery is received by any other mode and the value of the jewellery exceeds rupees fifty thousand, then assessee may obtain the report of registered valuer in respect of the price it would fetch if sold in the open market on the valuation date;