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

Rules 18 and 19 which provide the manner in which valuation of jewellery is to be determined.
1. The value of the jewellery shall be estimated to be the price which it would fetch if sold in the open market on the valuation date.
2. The return of net wealth furnished by the assessee shall be supported by –
(i) a statement in the prescribed form, where the value of the jewellery on the valuation date does not exceed Rs. 5 lakh. (Not Required to be attached with Return from A.Y. 2014-15)
(ii) a report of a registered valuer in the prescribed form, where the value of the jewellery on the valuation date exceeds Rs. 5 lakh. (Not Required to be attached with Return from A.Y. 2014-15 but Assessee has to furnish details of such Statement in his Wealth Tax Return)
gold-ingots-golden-treasure-bullion-precious3. In spite of the above provision, the Assessing Officer may, if he is of the opinion that the value of the jewellery declared in the return –
(a) is less than its fair market value by the percentage prescribed under section 16A(1)(b)(i).
(b) is less than its fair market value as referred to in section 16A(1)(a), refer the valuation of such jewellery to a Valuation Officer and the value of such jewellery shall be the fair market value as estimated by the Valuation Officer.

Gold and silver rates for the current year, last ten assessment years and on April 1, 1981

Assessment year/ valuation date Gold rates1 (standard 24 carats) (per 10 gms.) Silver rates (9,960 touch) (per 1 kg.) Assessment year/ valuation date Gold rates1 (standard 24 carats) (per 10 gms.) Silver rates (9,960 touch) (per 1kg.)
Rs. Rs. Rs. Rs.
1-4-1981 1,670 2,715 Asst. Yr. 2011-12
31-3-2011 20,775 56,900
Asst. Yr. 2005-06 Asst. Yr. 2012-13
31-3-2005 6,180 10,675 31-3-2012 28,040 56,290
Asst. Yr. 2006-07 Asst. Yr. 2013-14
31-3-2006 8,490 17,405 31-3-2013 29,610 54,030
Asst. Yr. 2007-08 Asst. Yr. 2014-15
31-3-2007 9,395 19,520 31-3-2014 28,470 43,070
Asst. Yr. 2008-09 Asst. Yr. 2015-16
31-3-2008 12,125 23,625 31-3-2015 26,245 37,825
Asst. Yr. 2009-10 Asst. Yr. 2016-17
31-3-2009 15,105 22,165 31-3-2016 28,340 36,990
Asst. Yr. 2010-11 Asst. Yr. 2017-18
31-3-2010 16,320 27,255 31-3-2017 28,950 42,000

Notes :

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.

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.

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4 responses to “Gold & Silver rates from 01.04.1981 to 31.03.2016”

  1. NIITIKA KAMRA says:

    may I know minimum purchase price of gold in year 1987-88 that I can use for capital gain calculation ??

  2. Rajen Chowdhury says:

    Please let me know, what can be the minimum and maximum making charges for both hand made and machine made ornaments on 22 & 24 carat gold?

    Thanx & Regards,
    Rajen Chowdhury,
    Contact # 9432389280.

  3. parmindet says:

    All amendments of group 1 IPCC for may 2015

  4. CA. M. Lakshmanan says:

    Dear Sir,
    The table stops with 31.03.2008, whereas it will more useful if the rates till 31.03.2014 are given
    CA. M. Lakshmanan, Madurai.

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