Different share valuation methods are suggested by the Central Board of Direct Taxes for wealth tax purposes. While market price of shares is widely regarded as the fair market value of the shares of quoted companies, the break up value is advocated in the case of units which are ripe in liquidation. In the case of growth companies, the earnings or dividend paying capacity is considered to be a better value indicator. Is there any relationship between all these valuation methods? This study shows that all these methods excepting the yield method are highly associated with each other. They can be relied upon without making much discrimination. The study can, however, be extended to the companies of lower size. It is also possible to extend it to shares which are unquoted.