In this Article we have compiled Gold rates (standard 24 carats) (per 10 gms.), Silver rates (9,960 touch) (per 1 kg.) as on 01.04.1981 and for every 31st March starting from the Year 2004 to Year 2016.
Valuation of Jewellery Under Wealth Tax Act Provisions
Gold and silver rates for the current year, last ten Assessment Years (A.Y.) and on April 1, 1981
|Gold rates1 (standard 24 carats) (per 10 gms.)||Silver rates (9,960 touch) (per 1 kg.)||A.Y. / valuation date||Gold rates1 (standard 24 carats) (per 10 gms.)||Silver rates (9,960 touch) (per 1kg.)|
|2004-05 /31-3-2004||6,065||11,770||2011-12 /31-3-2011||20,775||56,900|
|2005-06 / 31-3-2005||6,180||10,675||2012-13 / 31-3-2012||28,040||56,290|
|2006-07 /31-3-2006||8,490||17,405||2013-14 / 31-3-2013||29,610||54,030|
|2007-08 / 31-3-2007||9,395||19,520||2014-15 / 31-3-2014||28,470||43,070|
|2008-09 /31-3-2008||12,125||23,625||2015-16 / 31-3-2015||26,245||37,825|
|2009-10/ 31-3-2009||15,105||22,165||2016-17/ 31-3-2016||28,340||36,990|
1. Value of gold contained in gold ornaments should be reduced by 14 to 20 per cent of ruling rates of standard gold, as per the practice prevalent in the bullion market and the amount of reduction has to be worked out in the following manner :
|Plain gold bangles and ornaments made of solid gold||Other gold ornaments|
|Difference in value between 24 carats of standard gold and 22 carats of gold ornaments (gold ornaments are generally made of 22 carats of gold)||8.33%||8.33%|
|Soldering made of copper, silver, etc., used in making ornaments||2.5% to 5%||8.33%|
|Shortage of gold in melting, mint charges payable to Government, expenditure on freight, insurance, etc., of sending gold ornaments to approved mint for conversion into standard gold bars||1.25%||1.25%|
|Margin of profit of the dealer when ornaments are sold in market||2%||2%|
|Total reduction||14.08% to 16.58%||19.91%|
2. Silverwares, utensils, etc., is liable for wealth-tax till financial Year ending on 31.03.2015.
3. Conversion table:
|10 grams||=||0.857 tola||1 tola||=||11.664 grams|
|1 kilogram||=||85.734 tolas||10 tolas||=||116.638 grams|
Source- Income Tax Website.