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

Union of India - Subsection

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

(b)valuation of archaeological collections, drawings, paintings, sculptures or any work of art,-
(i)the fair market value of archaeological collections, drawings, paintings, sculptures or any work of art (hereinafter referred as artistic work) shall be estimated to be price which it would fetch if sold in the open market on the valuation date;
(ii)in case the artistic work is received by the way of purchase on the valuation date, from a registered dealer, the invoice value of the artistic work shall be the fair market value;
(iii)in case the artistic work is received by any other mode and the value of the artistic work 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;