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WEALTH TAX ACT 1957
WEALTH TAX • VALUATION • PROFESSIONAL INSIGHTS
Insights — Wealth Tax Valuer’s Perspective
Detailed perspectives on the Wealth Tax Act 1957, Section 34AB, Schedule AL, Rule 3, Rule 6, Rule 11UA, retrospective wealth tax assessments and the Black Money Act 2015.
Section 34AB
Schedule AL
Wealth Tax Rules
Rule 11UA
Section 50C
Black Money Act
WEALTH TAX VALUATION INSIGHTS
From the Practice — Issues That Matter
Working perspectives covering the legislative, valuation, taxation and evidentiary issues that shape the modern Government Approved Wealth Tax Valuer practice.
02
SECTION 34AB
The Section 34AB Eight Categories: Why the Government Approved Valuer’s Comprehensive Coverage of Category I L&B + II P&M + III Jewellery + IV Shares + V Business Assets + VI Bullion + VII Works of Art + VIII Leasehold Improvements Defines the Complete Indian Wealth Tax Asset Universe
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03
RULE 3 • IMMOVABLE PROPERTY
Rule 3 Capitalised Annual Lettable Value: Why the ALV × Year’s Purchase Method — the Fair Rent — the YP Multiplier (8-12 Residential; 6-8 Commercial) — and the Section 23 Annual Value Relationship Define the Immovable Property’s Wealth Tax Valuation Methodology
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04
RULE 6 • JEWELLERY
Rule 6 Jewellery Valuation: Why the BIS Hallmark Purity (999/916/750/585/375) — the IBJA Daily Gold Rate — the Diamond 4Cs (Carat Cut Colour Clarity) — the GIA IGI Certificate — the Rapaport Report — and the Making Charges Define the Comprehensive Jewellery Wealth Tax Methodology
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05
RULE 11UA • UNQUOTED EQUITY
Rule 11UA DCF Methodology: Why the FCF Projection — the WACC (CAPM Ke + After-Tax Kd) — the Terminal Value (Gordon Growth Model) — the Enterprise Value — the Equity Value Per Share — and the Mandatory Registered Valuer’s Certificate for the Section 56(2)(x) Proviso Define the Unquoted Equity Wealth Tax Valuation
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06
RULE 8 • PARTNERSHIP
Rule 8 Deceased Partner’s Share: Why the Partner’s Capital Account + the Revalued Goodwill (Super-Profit Method — Capitalised Earning Method) + the Firm’s Net Assets (FMV Basis) − the Liabilities Define the Wealth Tax Partnership Estate Valuation
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07
SECTION 50C • PROPERTY
The Section 50C Stamp Duty Defence: Why the Registered Valuer’s Section 34AB FMV Certificate Demonstrating the FMV Below the Circle Rate + the AO’s Section 50C(2) Reference to the DVO Is the Comprehensive Immovable Property Deemed-Sale-Consideration Defence
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08
SCHEDULE AL
The Schedule AL Multi-Asset FMV: Why the ITR’s Five Category Schedule AL (A Immovable + B Financial Interest + C Cash + D Jewellery/Bullion + E Vehicles/Yachts) Disclosure for the Income > Rs 50 Lakh Requires the Comprehensive Section 34AB Registered Valuer’s Annual FMV Certificate
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09
BLACK MONEY ACT 2015
The Black Money Act 2015 Foreign Asset FMV: Why the 30% Tax + 30% Penalty + 10-Year Imprisonment — the FATCA India-US Model 1 IGA — the CRS 100+ Jurisdictions’ Near-Inevitable Information Exchange Makes the Proactive Schedule FA Disclosure + Registered Valuer’s INR-Equivalent FMV Certificate the Comprehensive Risk-Mitigation Strategy
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10
RETROSPECTIVE WEALTH TAX
The Retrospective Pre-AY 2016-17 Wealth Tax Assessment: Why the Section 17’s 6-Year + 16-Year Reopening — the 31st March Valuation Date — the Rule 3 Historical ALV + the Historical IBJA Gold Rate + the Rule 11UA Historical DCF — and the WTAT’s Registered Valuer Certificate Acceptance Define the Retrospective Wealth Tax Defence
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GOVERNMENT APPROVED WEALTH TAX VALUATION
Need Professional Guidance on a Wealth Tax Valuation Matter?
Discuss Schedule AL valuation, retrospective wealth tax assessment, Rule 3 property valuation, Rule 6 jewellery valuation, Rule 11UA DCF, Section 50C or foreign asset FMV requirements with A2Z Valuers.