Text of Rules 13A of Income Tax Rules, 1962


13A. Valuation under sub-section (9D) of section 132. 
(1) For the purpose of sub-section (9D) of section 132, the fair market value of the property shall be determined in the following manner, namely:-
(i)       the value of an immovable property, being land or building or both, shall be in accordance with the value adopted or assessed or assessable by any authority of the Central Government or a State Government for the purpose of payment of stamp duty in respect of such immovable property, along with the cost of construction and improvements, if any, on the date(s) on which such property is required to be valued as per the reference made under sub-section (9D) of section 132; 
(ii)      the value of jewellery, archaeological collections, drawings, paintings, sculptures, any work of art, shares or securities referred to in rule 11UA, shall be the value determined in the manner provided in sub-rule (1) of rule 11UA and for this purpose the reference to the valuation date in the rule 11U and rule 11UA shall be the date(s) on which such property is required to be valued as per the reference made under sub-section (9D) of section 132; 
(iii)     the value of property, 
           (a)  other than those covered in clause (i) and clause (ii), or 
           (b)  where valuation as specified in clause (i) and clause (ii) is not feasible, 
shall be the price that such property would ordinarily fetch on sale in the open market on the date(s) on which such property is required to be valued as per the reference made under sub-section (9D) of section 132. 


(2) The person or entity or registered valuer, to whom the reference for valuation has been made by the authorised officer under the provisions of sub-section (9D) of section 132 shall submit the report of valuation in Form No. 6CA to such authorised officer. 


Explanation.- For the purposes of this rule, “registered valuer” means any valuer registered by or under any law for the time being in force. 




KEY NOTE
1.   Inserted by the Income-tax (Ninteenth Amendment) Rules, 2023, vide Notification No. 70/2023, dated 28.08.2023, with effect from 28.08.2023.