Wealth Tax

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2010 Kindly Help me out to calculate the Jewelery value for the below

1. Value as on 31-3-2007 is 13,74,000

Whats the value on 31-3-2008 and whats the basis for the calculation

thanks in advance

CA Sanat Pyne

CA Sanat Pyne (Expert)
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27 December 2010 JWELLARY VALUATION SHOULD BE DONE FROM A REGISTERED VALUER.oTHERWISE IT WILL NOT BE ACCEPTABLE.

Ajay Mishra

Ajay Mishra (Expert)
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27 December 2010 Hi

Valuation Of Jewellery In Wealh Tax India.
Jewellery Includes :

1. Ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such preÂcious metals, whether or not containing any precious or semi-precious stones, and whether or not worked or sewn into any wearing appare.
2. Precious or semi-precious stones, whether or not set in any furniture, utensils or other article or worked or sewn into any wearing apparel.

In support of the valuation of jewellery, the prescribed form to be attached with the return is :

* Where the value of the jewellery on the valuation date is upto 5 lakhs, a statement in Form No. 0-8A, a prescribed by rule 13(c), signed by the assessee, or
* Where the value of the jewellery on the valuation date exceeds 5 lakhs, a report of Registered Valuer in Form No.0-8, as prescribed by rule 8D.

The report can be the basis for arriving at the valuation for 4 subsequent years. All that is needed is to substitute the value of gold, silver or any alloy of the base year with that of the relevent year. Again, adjustment for purchases and sales made during the relevent year will have to be carried out.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2010 Hi Ajay Please give me the Index rates and base year details