Value of assets, how to be determined.
7. (1) Subject to the provisions of sub-section (2), the
value of any asset, other than cash, for the purposes of this Act shall
be its value as on the valuation date determined in the manner laid down
in Schedule III.
(2)
The value of a house belonging to the assessee and exclusively used by
him for residential purposes throughout the period of twelve months
immediately preceding the valuation date, may, at the option of the
assessee, be taken to be the value determined in the manner laid down in
Schedule III as on the valuation date next following the date on which
he became the owner of the house or the valuation date relevant to the
assessment year commencing on the 1st day of April, 1971, whichever
valuation date is later :
[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Explanation.—For the purposes of this sub-section,—
(i) | where the house has been constructed by the assessee, he shall be deemed to have become the owner thereof on the date on which the construction of such house was completed ; | |||||
(ii) | "house" includes a part of a house being an independent residential unit. |