Calculate value of Gold and Silver assets based on rates notified by Income Tax department. Assess your wealth in Gold and Silver assets, including Gold ornaments, for past 14 Assessment years and as on 1st April 1981.
1. Value of gold contained in gold ornaments should be reduced by 14 to 20 per cent of ruling rates of standard gold, as per the practice prevalent in the bullion market and the amount of reduction has to be worked out in the following manner :
|Plain gold bangles and ornaments made of solid gold||Other gold ornaments|
|Difference in value between 24 carats of standard gold and 22 carats of gold ornaments (gold ornaments are generally made of 22 carats of gold)||8.33%||8.33%|
|Soldering made of copper, silver, etc., used in making ornaments||2.5% to 5%||8.33%|
|Shortage of gold in melting, mint charges payable to Government, expenditure on freight, insurance, etc., of sending gold ornaments to approved mint for conversion into standard gold bars||1.25%||1.25%|
|Margin of profit of the dealer when ornaments are sold in market||2%||2%|
|Total reduction||14.08% to 16.58%||19.91%|
2. Silverwares, utensils, etc., is liable for wealth-tax.
3. Conversion table:
|10 grams = 0.857 tola||1 tola = 11.664 grams|
|1 kilogram = 85.734 tolas||10 tolas = 116.638 grams|