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CBDT proposes fair market value for taxing unquoted shares

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The revenue department on Friday proposed to levy capital gains tax on unquoted shares at “fair market value” in place of the current practice of charging it on the basis value entered in the books of a firm.The Finance Act, 2017, passed by the Parliament has insertedanew section in the Income Tax Act (effective from April next year) for valuation of unquoted shares on fair market value for computing capital gains tax. Unquoted shares are those which are not traded on recognised stock exchanges.In pursuance of the amendment in the Finance Act, the Central Board of Direct Taxes (CBDT) on Friday released draft rules and invited comments from the stakeholders by May 19. "The valuation norms for unquoted shares is proposed to be changed radically," said Abhishek Goenka, partner and leader at tax consultancy firm PwC.

Business Standard New Delhi, 06th May 2017

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