Is it necessary every year to obtain a certificate of valuation for determining the value of jewellery for the purpose of wealth tax calculation ?????????
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Valuation of jewellery for wealth tax purpose
Replies (5)
if the value exceeds 5 lakh, then the return is to be supported by a report of a registered valuer in Form O-8
and it is necessary every year to attach the report with wealth tax return
| Originally posted by : kavitha | ||
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if the value exceeds 5 lakh, then the return is to be supported by a report of a registered valuer in Form O-8 and it is necessary every year to attach the report with wealth tax return |
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And as per Circular No. 646, it has been decided that report of registered valuer obtained for one assessment year can also be used in subsequent ffour asst. yrs. subject to adjustments (i.e. relating to price relavent to valuation date and adjustment of purchases and sales)
Yes, it can be used in subsequent 4 Asst Yrs
how can a person become a registered valuer for jewellery...what are d qualifications required...
I thank all of you for your valuable comments....
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