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For a listed share, the fair market value (FMV) on 31 January 2018 is generally the highest price quoted for that share on the relevant recognised stock exchange that day. If it did not trade on that date, use the highest price on the immediately preceding date it traded on that exchange. The figure is not the same for every company: it depends on the scrip, share class, exchange and trading record.
What does “FMV of shares as on 31 Jan 2018” mean?
It is a historic valuation date used in a tax rule for certain capital assets acquired before 1 February 2018. The statutory definition reproduced by Taxsutra says that, for a capital asset listed on a recognised stock exchange, FMV is the highest price quoted on that exchange on 31 January 2018. It does not say to use the closing price by default.
How to calculate FMV of shares on 31-01-2018?
- Identify the exact security. Confirm the company, scrip, share class and relevant recognised exchange. A company may have more than one class of share, and exchange records can differ.
- Check whether it traded on 31 January 2018. If it did, find the highest quoted price for that security on the relevant exchange for that date.
- If it did not trade that day, find its preceding trading date. Use the highest price quoted on the immediately preceding date on which it traded on that exchange.
- Keep the supporting record. Exchange records should support the selected price and date. A BSE bhavcopy explainer describes daily market-data fields, including the high; use the exchange record for the actual value.
Do not substitute a price from another exchange or the closing price without confirming that it fits the rule for the particular asset. Where records exist on more than one exchange, establish which exchange’s quotation applies to the asset and verify the legal treatment for the specific case.
What if the asset is an unlisted unit?
The reproduced definition specifies net asset value (NAV) as of 31 January 2018 for a unit that is not listed on a recognised stock exchange. This is a rule for an unlisted unit; it should not be generalized to every unlisted equity share. The appropriate valuation method for another type of unlisted asset needs to be checked under the rules applicable to that asset.
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How does the 2018 FMV feed into the grandfathered cost calculation?
For the described qualifying shares or units acquired before 1 February 2018, the calculation uses the higher of actual acquisition cost and the lower of the 31 January 2018 FMV and actual transfer consideration. In formula form:
Deemed cost = higher of (actual acquisition cost) and (lower of 31 January 2018 FMV or actual transfer consideration).
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This means the historic FMV is an input to a specific grandfathering calculation, not automatically the cost basis in every situation. The transfer consideration caps the FMV amount in the formula: if the asset is sold for less than its historic FMV, the formula does not simply allow the higher historic figure to be used instead. Actual acquisition cost remains the floor in the described formula.
What was the fair market value of [company] shares as on 31.01.2018?
A company-specific number cannot be determined from the company name alone—or from this general rule. The scrip, share class, relevant exchange and whether it traded on 31 January 2018 must be established, then matched to that exchange’s historical record. Without those details and the record, a numeric FMV would be unsupported.
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Does this give the current tax rate?
No. The 31 January 2018 valuation rule and the later tax treatment are separate questions. Tax rules, rates, thresholds and applicability can depend on the asset, transaction and taxpayer. For example, a mutual-fund statement of additional information with a January 2026 addendum describes later tax treatment separately; it is not a basis for treating the historic FMV rule as a current rate statement. Check the legislation and current guidance applicable to the specific transfer and taxpayer.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Which records can help with tax filing?
Historical exchange data can establish the quoted price used in the valuation. Transaction statements and contract notes may help document acquisition or transfer details; a brokerage FAQ explains access to those records for its customers. These documents can support record assembly, but do not by themselves establish the correct historic FMV or calculate the grandfathered amount.
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