FMV definitions / methodology (range 56–57)

The table, property by property.

1. Jewellery. The open-market price on the valuation date; or, if bought from a registered dealer on that date, the invoice value; or, if received any other way and worth more than Rs. 50,000, the assessee may obtain a registered valuer's report on the open-market price.
2. Artistic work (archaeological collections, drawings, paintings, sculptures or any work of art). The same three-way rule as jewellery.
3. Quoted shares and securities. If received through a recognised stock exchange, the transaction value recorded on the exchange. If received otherwise, the lowest price quoted on any recognised stock exchange on the valuation date; and if there was no trading that day, the lowest price on a recognised stock exchange on the immediately preceding date on which they traded.
4. Unquoted equity shares. (A + B + C + D − L) × (PV / PE), where A is the book value of all assets (other than jewellery, artistic work, shares, securities and immovable property) in the balance sheet, reduced by income-tax paid less refund claimed and by any amount shown as an asset that does not represent an asset's value; B is the registered valuer's open-market price of jewellery and artistic work; C is the fair market value of shares and securities determined under this rule; D is the stamp duty value of immovable property; L is the book value of liabilities excluding the same items as in rule 53(2)(L); PV is the paid-up value of the equity shares; and PE is the total paid-up equity share capital in the balance sheet.
5. Other unquoted shares and securities (not equity shares in a company, and not listed on a recognised stock exchange). The price they would fetch in the open market on the valuation date; the assessee may obtain a report from a merchant banker or an accountant.
6. Land or building or both. The value adopted, assessed or assessable by an authority of the Central or a State Government for stamp duty on the valuation date.
7. Any other property. The price it would ordinarily fetch on sale in the open market on the valuation date.

Which sections. The Table's section column says, for each kind of property, which of the listed sections the method applies to; check it in the bare Rules.