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https://taxguru.in/income-tax/applicability-wealth-tax-making-charges-jewellery.html
Jun 25, 2014 · 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.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 …
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.incometaxindia.gov.in/Acts/Wealth-Tax%20Act,%201957/102120000000026474.htm
JEWELLERY [Valuation of jewellery. 18. 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.incometaxindia.gov.in/Rules/Wealth-Tax%20Rules,%201957/2010/103120000000006826.htm
[(9) A valuer of jewellery must have been, for a period of not less than five years, a sole proprietor or partner in a partnership firm carrying on jewellery business which has on an average an annual turnover of not less than rupees 15 lakhs [or profit (including fees for valuation) of not less than rupees fifty thousand] in the last three accounting years immediately preceding the year in which the application …
https://itatonline.org/articles_new/implications-of-jewellery-found-during-the-course-of-search-u-s-132-of-the-income-tax-act-1961/
Jun 11, 2020 · Section 69A provides that where in any financial year, an assessee is found to be the owner of any jewellery which is not recorded in the books of account and the explanation offered by assessee about the nature and source of acquisition is not satisfactory, then value of such jewellery would be deemed to be income of the assessee in the year in which the assessee was found to be the owner of the jewellery.
http://www.club4ca.com/formats/wp-content/uploads/2013/09/Wealth-tax-direct-taxes-ca-final.pdf
Rules are gi en for aluation of asset u/s 2(ea), in Schedule III of wealth tax Act. Specific aluation rules apply for building and Jewellery. Where there is no specific rule for valuation, apply Rule 20, which specifies that value would be realizable value if sold in the open market on valuation date.
https://blog.ipleaders.in/wealth-tax-computation/
The Wealth Tax is calculated on the market value of the assets. Some of the basics rules in the following: Wealth Tax is collected from an individual, HUFs and Companies. If the net wealth is up to 30 lacs then no tax is payable. Where the net wealth exceeds 30 lacs, the wealth tax collection will be 1%.Estimated Reading Time: 9 mins
https://www.caclubindia.com/experts/limit-of-exemption-for-an-assessee-to-keep-jewellery--835650.asp
Dec 06, 2011 · (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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