1. Ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stones, and whether or not worked or sewn into any wearing apparel.

2. Precious or semi-precious stones, whether or not set in any furniture, utensils or other article or worked or sewn into any wearing apparel.

In support of the valuation of jewellery, the prescribed form to be attached with the return is:

1. Where the value of the jewellery on the valuation date is upto Rs.5 lakhs, a statement in Form No. 0-8A, a prescribed by rule 13(c), signed by the assessee, or

2. Where the value of the jewellery on the valuation date exceeds Rs.5 lakhs, a report of Registered Valuer in Form No.0-8, as prescribed by rule 8D.

The report can be the basis for arriving at the valuation for 4 subsequent years. All that is needed is to substitute the value of gold, silver or any alloy of the base year with that of the relevant year. Again, adjustment for purchases and sales made during the relevant year will have to be carried out.

Rates of Gold and Silver for Wealth Tax valuation Purpose

In the Chart Given below we have given rates of Gold and Silver for Wealth tax Valuation Purpose from A.Y. 1981-82 to A.Y. 2014-15.

Assessment Year             Relevant Valuation Date               Std. Gold Rate(24 Carrat for 10 gms i.e. 0.87 tola.)             Silver Rate(999 touch for 1 kg.i.e. 85.734 tola)

1981-1982            01/04/1981         1670       2715

1991-1992            31/03/1991         3466       6646

1992.1993            31/03/1992         4334       8040

1993.1994            31/03/1993         4140       5489

1994.1995            31/03/1994         4598       7142

1995.1996            31/03/1995         4680       6335

1996.1997            31/03/1996         5160       7346

1997.1998            31/03/1997         4725       7345

1998.1999            31/03/1998         4045       8560

1999.2000            31/03/1999         4235       7615

2000.2001            31/03/2000         4355       7675

2001.2002            31/03/2001         4250       7200

2002.2003            31/03/2002         5010       7895

2003.2004            31/03/2003         5310       7695

2004.2005            31/03/2004         6081       11600

2005.2006            31/03/2005         6150       10500

2006.2007            31/03/2006         8560       16800

2007.2008            31/03/2007         9510       19500

2008.2009            31/03/2008         12280    23350

2009-2010            31/03/2009         15120 (Mumbai)               22230

2010-2011            31/03/2010         16320    27255

2011-2012            31/03/2011         20775    56900

2012-2013            31/03/2012         28040    56290

2013-2014            31/03/2013         29610    54030

 

2014-2015            31/03/2014         29300    43400