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Wealth tax

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(Querist)
29 November 2012 While calculating wealth tax,what is the value to be taken for diamond jewellary.Also if any asset is purchased during the year then which value is to be taken.
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Amol S Joglekar

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Amol S Joglekar (Expert)
29 November 2012 Actual cost is the VALUE. For wealth tax purposes, value as on 31st March is to be taken. For marketable things, this is easy to determine... in most of the cases we need to take the valuation of Govt. approved valuer.
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