Rates of Gold and Silver for Wealth Tax valuation Purpose along with valuation rules

Rates of Gold and Silver for Wealth Tax valuation Purpose along with valuation rules
Valuation of Jewellery
Jewelry Includes:
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.
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:
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
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

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