| Dear Sunil,
As per Wealth Tax Act, 1957, the value of an asset, other than cash, shall be its value as on the valuation date determined in the manner laid down in Schedule III.Further, Section 7 (1) of the wealth Tax Act, 1957 read with Rule 18 appended to Schedule III provides that 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. Where the value of the jewellery exceeds Rs. 5,00,000, a report of a registered valuer in Form No. O-8 should be submitted. The report is not binding on assessing officer (Valuation Officer) and he can determine fair market value of jewellery. Further, the value of jewellery determined by the Valuation Officer for any assessment year shall be taken to be the value of such jewellery for the subsequent four assessment years subject to the prescribed adjustments.
The rate of gold and silver as on 31.03.2011 are as under:
Gold Rates in Rs./10 gram - 20775, Silver Rates in Rs./Kg. - 56900 [source - http://www.dassgupta.in].
Hope the above suffice.
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