What all details are to be obtained for wealth tax?

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This query is : Resolved

Kinnari (Querist)

23 August 2014 Since wealth tax return is mandatory for tax audit clients, I want to know what all details are to be obtained from the client of all the assets under wealth tax act. It will be a great help if anyone can provide the format of details required or questionnaire to be given to client for that purpose.

Please also let me know how should the client obtain the details which are mentioned in that questionnaire. For eg: municipal value of house property. So how is client supposed to obtain this value and from where?

An early reply will be of great help. Thank you in advance! :)

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

23 August 2014 u need to ask for supporings of assets purchased and valuation reports if any asset is valued from a reg valuer same is for debts u need to take all supporting available with the assessee which proves the transaction existing on the val date

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Kinnari

Kinnari (Querist)

23 August 2014 Thank you Sir for the prompt response.

So is assessee required to get all the assets valued from registered valuer?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

23 August 2014 u need to refer sch III values and follow the valuation rule its required for most of the asset.

Kinnari

Kinnari (Querist)

23 August 2014 Yes that will be after the details are obtained from client.

My query is, what all things are to be asked to the client so that I can have sufficient data to refer to schedule III. If anyone can provide that format or questionnaire which is to be given to the client, it will be of great help.