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https://taxguru.in/income-tax/applicability-wealth-tax-making-charges-jewellery.html
Valuation of jewellery. (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 (hereafter in this rule referred to as fair market value). (2) The return of net wealth furnished by the assessee shall be supported by, —.
https://www.latestlaws.com/bare-acts/central-acts-rules/direct-tax-laws/the-wealth-tax-act-1957/wealth-tax-exemption-of-heirloom-jewellery-of-rulers-rules-1958/
Provided that the aggregate amount of the wealth-tax payable in respect of the jewellery for all the said assessment years shall not in any case exceed 50% of its market value as determined under this sub-rule. [(ii)] Nothing in clause (i) shall apply to-(a) the disposal of the gold contents of an article by way of subscription to the 6½ per cent.
https://www.pathlegal.in/Valuation-of-Assets-under-Wealth-Tax-Act-,1957---blog-1258800
Valuation of Assets under Wealth Tax Act ,1957 Section 7(1): Valuation of assets other than cash shall be determined in the manner laid down in schedule III of the wealth Tax Act. ASSETS: 1. House. 2. Motor Car. 3. Jewellery, Bullion, etc., 4. Yachts, boats and aircrafts, 5. Urban Land, 6.
https://www.lawyersclubindia.com/experts/valuation-of-jewellary-under-wealth-tax-47681.asp
Nov 13, 2009 · Where the valuation of jewellery has been determined by valuation officer for any assessment year, then such valuation shall be adopted for susequent 4 assessment years subject to the following adjustments:(a) if jewellery include gold or silver then the market valude of gold, silver etc as on valuation date shall be substituted (b) Adjustment shall be made in respect of any acquistion or sale of jewellery during the priod. Wealth tax will be charged @ 1% on the net wealth …
https://www.caclubindia.com/forum/valuation-of-assets-under-wealth-tax-act-1957-60124.asp
May 14, 2013 · Valuation of Jwellery [Rule 18 and 19]: The value of the jewellery shall be fair market value in the openmarket on the valuation date. A statement in the prescribed form shall be furnished by the assessee along with return of income where the value of the jewellery on the valuation date does not exceed Rs.5 lakhs.
https://www.taxact.co.in/valuation-of-assets-as-per-the-wealth-tax-act/
Jan 31, 2015 · Valuation of jewellery – The value of jewellery shall be estimated to be the price which it would fetch if sold in the open market on the valuation date (i.e., fair market value). Where the value of jewellery does not exceed Rs. 5,00,000, a statement in Form No. O-8A is to be submitted.
https://taxguru.in/income-tax/rates-of-gold-and-silver-for-wealth-tax-valuation-purpose-along-with-valuation-rules.html
Apr 28, 2020 · However taxation of Gold ETF is same as selling gold jewellery. It means if Gold ETF is sold after 36 months from the date of purchase then Long term capital gain tax is levied @ 20% on the profits and if it is sold within 36 months then short term capital gain tax on the profits will be levied at normal slab rates. 4.
https://www.incometaxindia.gov.in/Tutorials/41.%20Wealth_Tax.pdf
Income-tax is levied on the income of the taxpayer, whereas wealth tax is levied on the wealth of the taxpayer. Wealth tax is governed by Wealth Tax Act, 1957. In this part you can gain knowledge on various provisions of Wealth Tax Act, 1957. Here, it is to be noted that Wealth-tax Act, 1957 is abolished w.e.f. 1-4-2016. Basic provisions
https://www.topcafirms.com/white-paper/wealth-tax-basic-computation-and-valuation
Sep 17, 2014 · Wealth Tax: Basics and Computation-Wealth Tax is levied @ 1 % on individual, HUF and Company entities as on relevant valuation date. - Basic Exemption limit of 30,00,000 is available to all assesses i.e. individuals, HUF and Company.
https://www.caclubindia.com/experts/limit-of-exemption-for-an-assessee-to-keep-jewellery--835650.asp
(i) In the case of a wealth-tax assessee, gold jewellery and ornaments found in excess of the gross weight declared in the wealth-tax return only need be seized. (ii) In the case of a person not assessed to wealth-tax gold jewellery and ornaments to the extent of 500 gms. per married lady, 250 gms. per unmarried lady and 100 gms per male member of the family need not be seized.
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