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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.taxmanagementindia.com/visitor/detail_article.asp?ArticleID=6996
Sep 19, 2016 · Rule 8A (9) provides that 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 …
https://taxguru.in/income-tax/applicability-wealth-tax-making-charges-jewellery.html
Jun 25, 2014 · Provisions relating to Valuation of ‘jewellery’ under the Wealth Tax Act:-Section 7 of the Wealth tax Act, 1957 provides for ‘Value of assets, how to be determined’, which reads as under:-7. Value of assets, how to be determined
https://www.incometaxindia.gov.in/Rules/Wealth-Tax%20Rules,%201957/2010/103120000000006826.htm
(b) he has been convicted of an offence connected with any proceeding under the Income-tax Act, 1961 (43 of 1961), or the Wealth-tax Act, 1957 (27 of 1957), or the Gift-tax Act, 1958 (18 of 1958), or a penalty has been imposed on him under clause (iii) of sub-section (1) of section 271 or clause (i) of section 273 of the Income-tax Act, 1961 ...
http://www.miraajassociates.com/rules/Wealth%20Tax%20Rules%201957.pdf
WEALTH-TAX RULES, 1957 (SRO 3384, Dated. 18-10- 1957) In exercise of the powers conferred by section 46 of the Wealth-tax Act. ]957 (27 of 1957), the Central Board of Revenue hereby makes the following rules, namely:-- 1.- Short title and commencement. (1) These rules may be called the Wealth-tax Rules, 1957.
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.indiacode.nic.in/bitstream/123456789/3123/1/a1957-27.pdf
7 THE WEALTH-TAX ACT, 1957 ACT NO.27 OF 19571 [12thSeptember, 1957.] An Act to provide for the levy of wealth-tax. BE it enacted by Parliament in the Eighth Year of the Republic of India as follows:— CHAPTER I PRELIMINARY 1. Short title, extent and commencement.—(1) This Act may be called the Wealth-tax Act, 1957. (2) It extends to the whole of India.
https://cevnews.in/2021/01/registeration-of-valuers-under-section-34-ab-of-wealth-tax-act-1957-all-you-need-to-know-about/
Jan 02, 2021 · REGISTRATION OF VALUERS UNDER SECTION 34 AB OF WEALTH TAX ACT-1957 ALL YOU NEED TO KNOW ABOUT Section 34AA of the Act provides that notwithstanding anything contained in this Act, any assessee who is entitled to or required to attend before any wealth-tax authority or the Appellate Tribunal in connection with any matter relating to the valuation of any asset, except where he is required under ...
https://taxguru.in/income-tax/wealth-tax-act1957.html
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
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