In this Article we have
compiled Gold rates (standard 24 carats) (per 10 gms.), Silver rates
(9,960 touch) (per 1 kg.) as on 01.04.1981 and for every 31st March starting
from the Year 2004 to Year 2016.
Valuation of Jewellery Under Wealth
Tax Act Provisions
Rules 18 and 19 which provide the manner
in which valuation of jewellery is to be determined.
1. The value of the jewellery shall
be estimated to be the price which it would fetch if sold in the open market on
the valuation date.
2. The return of net wealth
furnished by the assessee shall be supported by –
(i) a statement in the prescribed
form, where the value of the jewellery on the valuation date does not exceed
Rs. 5 lakh. (Not Required to be attached with Return from A.Y. 2014-15)
(ii) a report of a registered valuer
in the prescribed form, where the value of the jewellery on the valuation date
exceeds Rs. 5 lakh. (Not Required to be attached with Return from A.Y. 2014-15
but Assessee has to furnish details of such Statement in his Wealth Tax Return)
3. In spite of the above provision, the Assessing Officer
may, if he is of the opinion that the value of the jewellery declared in the
return –
(a) is less than its fair market
value by the percentage prescribed under section 16A(1)(b)(i).
(b) is less than its fair market
value as referred to in section 16A(1)(a), refer the valuation of such
jewellery to a Valuation Officer and the value of such jewellery shall be the
fair market value as estimated by the Valuation Officer.
Please Note that Wealth Tax Returns not to be filed from Assessment Year
2016-17
Gold and silver rates for the
current year, last ten Assessment Years (A.Y.) and on April 1, 1981
A.Y. /
valuation
date
|
Gold rates1 (standard
24 carats) (per 10 gms.)
|
Silver rates (9,960 touch) (per 1
kg.)
|
A.Y. / valuation date
|
Gold rates1 (standard
24 carats) (per 10 gms.)
|
Silver rates (9,960 touch) (per
1kg.)
|
Rs.
|
Rs.
|
Rs.
|
Rs.
|
||
1-4-1981
|
1,670
|
2,715
|
2010-11/ 31-3-2010
|
16,320
|
27,255
|
2004-05 /31-3-2004
|
6,065
|
11,770
|
2011-12 /31-3-2011
|
20,775
|
56,900
|
2005-06 / 31-3-2005
|
6,180
|
10,675
|
2012-13 / 31-3-2012
|
28,040
|
56,290
|
2006-07 /31-3-2006
|
8,490
|
17,405
|
2013-14 / 31-3-2013
|
29,610
|
54,030
|
2007-08 / 31-3-2007
|
9,395
|
19,520
|
2014-15 / 31-3-2014
|
28,470
|
43,070
|
2008-09 /31-3-2008
|
12,125
|
23,625
|
2015-16 / 31-3-2015
|
26,245
|
37,825
|
2009-10/ 31-3-2009
|
15,105
|
22,165
|
2016-17/ 31-3-2016
|
28,340
|
36,990
|
Notes :
1. Value of gold contained in gold
ornaments should be reduced by 14 to 20 per cent of ruling rates of standard
gold, as per the practice prevalent in the bullion market and the amount of reduction
has to be worked out in the following manner :
Plain gold bangles and ornaments
made of solid gold
|
Other gold ornaments
|
|
Difference in value between 24
carats of standard gold and 22 carats of gold ornaments (gold ornaments are
generally made of 22 carats of gold)
|
8.33%
|
8.33%
|
Soldering made of copper, silver,
etc., used in making ornaments
|
2.5% to 5%
|
8.33%
|
Shortage of gold in melting, mint
charges payable to Government, expenditure on freight, insurance, etc., of
sending gold ornaments to approved mint for conversion into standard gold
bars
|
1.25%
|
1.25%
|
Margin of profit of the dealer
when ornaments are sold in market
|
2%
|
2%
|
Total reduction
|
14.08% to 16.58%
|
19.91%
|
2. Silverwares, utensils, etc., is
liable for wealth-tax till financial Year ending on 31.03.2015.
3. Conversion table:
10 grams
|
=
|
0.857 tola
|
1 tola
|
=
|
11.664 grams
|
1 kilogram
|
=
|
85.734 tolas
|
10 tolas
|
=
|
116.638 grams
|
Source- Income Tax Website.
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