wealth tax

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This query is : Resolved

MANISH (Querist)

22 February 2008 if the opening balance of the asseset(jewellery) is the closing balance for two years will there be any appreciation on the value of the jewellery while calculating the wealth tax

CA. Kirti S. Ganatra

CA. Kirti S. Ganatra (Expert)

22 February 2008 If total value is more than 5 Lakh you have to certified the jewellery from certified valuer and pay tax as per that value.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)

22 February 2008 AS PER WEALTH TAX ACT IF VALUE OF JEWELLERY IS MORE THAN 5 LAKH THAN ASSESSEE IS REQUIRED TO CERTIFY THE JEWELLERY FROM CERTIFIED VALUER

MANISH

MANISH (Querist)

22 February 2008 if the valuation is not done of the jewellery than would be there any appreciation in the value of the last year for calculation of wealth tax of the current year.

Jitender

Jitender (Expert)

23 February 2008 yes it will be appreciated.

MANISH

MANISH (Querist)

26 February 2008 at what percent it will be appreciated if the jewellery is not valued by the valuing office, that is if the opening figure of jewellery is the closing figure

Jitender

Jitender (Expert)

26 February 2008 rate at the closing date at MCX OF Ornaments.

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