- May
- 22
- 2012
Wealth Tax – Rates of Gold & Silver with valuation rules
Valuation of Jewellery
Jewelry Includes:
1. Ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stones, and whether or not worked or sewn into any wearing apparel.
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:
1. Where the value of the jewellery on the valuation date is upto Rs.5 lakhs, a statement in Form No. 0-8A, a prescribed by rule 13(c), signed by the assessee, or
2. Where the value of the jewellery on the valuation date exceeds Rs.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 relevant year. Again, adjustment for purchases and sales made during the relevant year will have to be carried out.
Rates of Gold and Silver for Wealth Tax valuation Purpose
In the Chart Given below we have given rates of Gold and Silver for Wealth tax Valuation Purpose from A.Y. 1981-82 to A.Y. 2012-13.
| Assessment Year | Relevant Valuation
Date |
Std. Gold Rate(24 Carrat for 10 gms
i.e. 0.87 tola.) |
Silver Rate(999 touch for 1 kg.
i.e. 85.734 tola) |
| 1981.1982 | 01/04/1981 | 1670 | 2715 |
| 1991.1992 | 31/03/1991 | 3466 | 6646 |
| 1992.1993 | 31/03/1992 | 4334 | 8040 |
| 1993.1994 | 31/03/1993 | 4140 | 5489 |
| 1994.1995 | 31/03/1994 | 4598 | 7142 |
| 1995.1996 | 31/03/1995 | 4680 | 6335 |
| 1996.1997 | 31/03/1996 | 5160 | 7346 |
| 1997.1998 | 31/03/1997 | 4725 | 7345 |
| 1998.1999 | 31/03/1998 | 4045 | 8560 |
| 1999.2000 | 31/03/1999 | 4235 | 7615 |
| 2000.2001 | 31/03/2000 | 4355 | 7675 |
| 2001.2002 | 31/03/2001 | 4250 | 7200 |
| 2002.2003 | 31/03/2002 | 5010 | 7895 |
| 2003.2004 | 31/03/2003 | 5310 | 7695 |
| 2004.2005 | 31/03/2004 | 6081 | 11600 |
| 2005.2006 | 31/03/2005 | 6150 | 10500 |
| 2006.2007 | 31/03/2006 | 8560 | 16800 |
| 2007.2008 | 31/03/2007 | 9510 | 19500 |
| 2008.2009 | 31/03/2008 | 12280 | 23350 |
| 2009-2010 | 31/03/2009 | 15120 (Mumbai) | 22230 |
| 2010-2011 | 31/03/2010 | 16320 | 27255 |
| 2011-12 | 31/03/2011 | 20775 | 56900 |
| 2012-13 | 31/03/2012 | 28040 | 56290 |
Sandeep Kanoi+
GOLD & SILVER STANDARD RATES as on 31-03-2013
Wealth Tax for Gold Coin Valuation
An indian women how much gold she keep !
Iam planning to buy gold, I have following queris about purchaging and maitanining
1.Suppose if i buy gold at 0.5g for each month and after sometime i wanna exchange that gold to lumsum,what are the rules and regulations for this and what are companies offering it.
2.Howmuch gold we can wear in dialy life as per GOvt Income tax Rules?
3.Few jewellers are giving on EMI basis ,can we take or not to take ?
ths info. very helpfull
thx dear
sir, plz confirm a 22 carrot gold rates.
today 2-sep-2011 gold is 26815/- i want to know the rate will increase in next month or decrease
i think rates for 2009-10 is wrong as per tax publishers gold rate 15,260 & silver 27665 i wnated to know what is the gold & silver rate as on 31.03.2011
Std. Gold Rate 24 Carat for 10 gms on 31-3-2011 in Mumbai is required.
GOLD RATE FOR 31ST MARCH 2010 IS 16320/- PER 10 GRAM AND SILVER RATE IS 27255/- PER KG
I think rates are incorrect…plz verify 2008-09 & 2009-2010 rates..