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https://taxguru.in/income-tax/applicability-wealth-tax-making-charges-jewellery.html
18. 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case exceed 50% of its market value on the valuation date relevant for the assessment year in which the recognition was withdrawn.
https://www.incometaxindia.gov.in/Acts/Wealth-Tax%20Act,%201957/102120000000026474.htm
where any jewellery or part of jewellery is sold or otherwise disposed of by the assessee, or any jewellery or part of jewellery is acquired by him, on or before the valuation date relevant to the concerned subsequent year, the value of the jewellery determined for the first assessment year shall be reduced or increased, as the case may be, and the value as so reduced or increased shall be the value of the jewellery …
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 …
http://www.bareactslive.com/ACA/ACT1755.HTM
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case exceed 50% of its market value on the valuation date relevant for the assessment year in which the recognition was withdrawn.
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://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.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.
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