Compute the net wealth as on 31-03-2010 for the assessment year 2010-11. The individiual is engaged in the business of processing an selling of gold and silver articles and ornaments in India & outside india.
1. Bank Balance 4,30,000
2. Unaccounted cash balance 70,000
3. Gold Articles 25,00,000
4. Jwellery made of Silver 14,00,000
5. Guest House 35,00,000
6. Moter Cars 6,40,000
7. Factory Building 8,00,000
He has taken a loan of Rs. 8,00,000 by mortgaging guest house for purchasing factory building.
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