Section 2(16) in The Benami Transactions (Prohibition) Act, 1988
(16)"fair market value", in relation to a property, means—(i)the price that the property would ordinarily fetch on sale in the open market on the date of the transaction; and(ii)where the price referred to in sub-clause (i) is not ascertainable, such price as may be determined in accordance with such manner as may be prescribed;
