wealth tax calculation

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nibin (Querist)
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10 November 2009 kindly solve my problem...

if an assessee owns a land which is purchased on 30-4-2005 for Rs. 30 lacs, and its present market value is around 45 lacs.

my question is which amount is taken for calculating wealth tax. purchase value or present market value..?

and did we need to furnish any valuvation forms with the return of wealth..?

M Prabhakar Menon

M Prabhakar Menon (Expert)
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10 November 2009 Purchase cost is to be taken

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 November 2009 Valuation of an asset, other than cash, belonging to the assessee shall be its value as on the valuation date ,determined as per section 2(q),arrived in the manner laid down in schedule 111 of the wealth tax act,1957.

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nibin

nibin (Querist)
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10 November 2009 Thanks Mr. Prabhakar..

but what about the form to be filed with the return form a registered valuers..?

Guest

Guest (Expert)

11 November 2009 I Agree with B. Chackrapani.

" Valuation of an asset, other than cash, belonging to the assessee shall be its value as on the valuation date"