Analysis of Union Budget 2017 provisions of Income Tax Service Tax Excise Duty Custom Duty with Budget Highlights Commentary Speech, Notification, News & Articles.
Valuation of Jewellery
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)|