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)
1981-1982 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
2011-2012 31/03/2011 20775 56900
2012-2013 31/03/2012 28040 56290
2013-2014 31/03/2013 29610 54030
2014-2015 31/03/2014 29300 43400

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