Section - 2(22B) (of Income Tax Act, 1961), Fair market value defined under
Section - 2(22B) (of Income Tax Act, 1961), Fair market value defined under
Definitions of "fair market value"
"Fair market value", in relation to a capital asset, means—
(i) the price that the capital asset would ordinarily fetch on sale in the open market on the relevant date ; and
(ii) where the price referred to in sub-clause (i) is not ascertainable, such price as may be determined in accordance with the rules made under this Act ;
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