Section 80 — Fair market value deemed to be full value of consideration in certain cases
Old Act equivalent: Section 50D of IT Act 1961 Sub-part: E.—Capital gains
Statutory Text
If the consideration received or accruing from the transfer of a capital asset is not ascertainable or cannot be determined, its fair market value on the date of transfer shall be deemed to be the full value of consideration received or accruing as a result of such transfer for the purposes of computing income under the head “Capital gains”. Advance money received.
Sub-sections
None extracted from PDF.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Any assessee transferring a capital asset where consideration is not ascertainable or cannot be determined.
- Asset type: Any capital asset (no restriction to a specific type).
- Conditions: The consideration received or accruing from the transfer is not ascertainable or cannot be determined; in such cases, the fair market value of the asset on the date of transfer is deemed to be the full value of consideration for computing income under the head “Capital gains”.
- Time limits: None specified in this section.
- Monetary limits: None specified in this section.
- Exceptions: None specified in this section.
Cross-References
- s067-charging — income under the head “Capital gains” is charged under section 67; this section provides a deemed consideration for that computation.
Amendment Notes
None noted from the extracted pages.