Section 91 — Meaning of terms used in capital gains

Old Act equivalent: Section 55 of IT Act 1961 Sub-part: Income from Capital Gains

Statutory Text

(1) For ascertaining the fair market value of a capital asset for this
Chapter, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer,— ( a) if the value of the asset claimed by the assessee is as per the estimate by a registered valuer, but the Assessing Officer is of the opinion that the value so claimed is at variance with its fair market value; ( b) in any other case, if the Assessing Officer is of the opinion that— ( i) the fair market value of the asset exceeds the value claimed by the assessee by more than the percentage of value of such asset or amount, as may be prescribed; or ( ii) having regard to the nature of the asset and other relevant circum - stances, it is necessary so to do. (2) The provisions of section 269(3) to (8) shall, with necessary modifications,
apply in relation to such reference made under sub-section (1). F.—Income from other sources Income from other sources.

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To be updated.