The value of the overseas assets, including immovable property, jewellery and precious stones, archaeological collections and paintings, shares and securities and shares in unlisted firms abroad will be calculated at the fair market value, the rules notified by the CBDT (Central Board of Direct Taxes ) said today.

The value of an overseas bank account will be the sum of all deposits made in the account since its opening, the rules said. The Blackmoney (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, provides for a total of tax and penalty of 120 percent on the income or assets held abroad after the expiry of a one-time 90-day 'compliance window' provided for persons to come clean.

Any income or asset declared during this period which ends on September 30, would attract a total of 60 percent tax and penalty, without penal provisions like jail term. They will have time till December 31 to pay the levies.

The rules notified today provide for the way foreign income and assets would be valued for calculation of tax and penalty both for the compliance period and beyond its expiry. The fair market value of an immovable property will be higher from the acquisition cost or the price that the property shall fetch in open market on the date of valuation.

The rules also provided a formula for calculating the fair market value of an unquoted equity shares and provided a methodology for calculating the interest of a person in a partnership firm, association of persons or Limited Liability Partnership (LLP).

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