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. 2014-15.

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)
1981-198201/04/198116702715
1991-199231/03/199134666646
1992.199331/03/199243348040
1993.199431/03/199341405489
1994.199531/03/199445987142
1995.199631/03/199546806335
1996.199731/03/199651607346
1997.199831/03/199747257345
1998.199931/03/199840458560
1999.200031/03/199942357615
2000.200131/03/200043557675
2001.200231/03/200142507200
2002.200331/03/200250107895
2003.200431/03/200353107695
2004.200531/03/2004608111600
2005.200631/03/2005615010500
2006.200731/03/2006856016800
2007.200831/03/2007951019500
2008.200931/03/20081228023350
2009-201031/03/200915120 (Mumbai)22230
2010-201131/03/20101632027255
2011-201231/03/20112077556900
2012-201331/03/20122804056290
2013-201431/03/20132961054030
2014-201531/03/20142930043400

More Under Income Tax

Posted Under

Category : Income Tax (20661)
Type : Articles (10104) Featured (3548)
Tags : Wealth Tax (92)

Search Posts by Date

July 2016
MTWTFSS
« Jun  
 123
45678910
11121314151617
18192021222324
25262728293031