Valuation of jewellery
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 January 2015
ASSESSEE PURCHASED 22Ct GOLD COIN IN 2008 AND KEPT AS SUCH. WHETHER VALUATION FOR WEALTH TAX DONE AS PER METHA RECKONER 2014-15 BY ADOPTING BOMBAY BULLION RATES IS CORRECT OR NOT FOR WEALTH TAX
12 January 2015
Can be estimated ,as you said ,if value is upto Rs. 5 lakh. If exceeds Rs.5 lakh , to be valued on the basis of an approved valuer's report. Please refer part F of schedule III of the Wealth Tax Act,1957 for full details.
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