Requirement of obtaining report of a registered valuer for value of jewellery exceeding Rs. 5 lakhs--Rule 18 of Schedule III to the Wealth-tax Act

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..... lth-tax Act, 1957, value of any asset on the valuation date has to be determined in the manner laid down in Schedule III. Valuation of jewellery is to be made as per rules 18 and 19 contained in Part G of this Schedule. For values of jewellery exceeding Rs.5 lakhs, the assessee are required to obtain a report of a registered valuer in the prescribed form and furnish the same along with his return .....

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..... assessment year. (b) where any jewellery or part of jewellery is sold or otherwise disposed of by the assessee, or any jewellery or part of the 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 .....

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