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Valuation of jewellery for wealth tax purpose

Dhaval Vira (Trainee) (54 Points)

10 December 2011

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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kavitha (SAO) (56 Points)
Replied 10 December 2011

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

CA Chirag Haraniya (Chartered Accountant) (902 Points)
Replied 10 December 2011

Originally posted by : kavitha
	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

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)