Three Wealth Tax Valuation Profiles — Each Tied to a Specific Wealth Tax Scenario
The profiles below are anonymised; reflecting representative work without identifying specific clients.
Mumbai HNI Schedule AL Multi-Asset Compliance
ITR income Rs 1.2 crore — Financial Year 2024-25
A Mumbai-based HNI taxpayer, with documented income of Rs 1.2 crore in Financial Year 2024-25, required the mandatory Schedule AL disclosure and comprehensive Section 34AB registered valuer's FMV for the ITR.
Schedule AL Category A — Immovable Property
Rule 3 ALV: Rs 3,00,000/year × YP 10
FMV — Rs 3 croreRule 3 ALV: Rs 10,00,000/year × YP 8
FMV — Rs 8 croreMarket comparison: Rs 8,000/sq ft × 500 sq ft
FMV — Rs 40 lakhSchedule AL Category B — Financial Interest
Rule 11UA DCF methodology: FCF projection, WACC 14.5%, Gordon Growth terminal value.
Enterprise Value: Rs 12 crore
Net Debt: Rs 2 crore
FMV — Rs 10 crore FMV per share — Rs 1,000Closing exchange price × number of shares.
FMV — Rs 2.5 croreFace value + accrued interest.
FMV — Rs 80 lakhSurrender value based on insurer statement.
FMV — Rs 45 lakhSchedule AL Category D — Jewellery & Bullion
15-item jewellery inventory. 500 grams gross, 916 BIS hallmark and IBJA rate of Rs 7,400 per gram.
Gross gold value: Rs 33.86 lakh
Making charges: 10%
FMV — Rs 37.24 lakh2.5 carat GIA D VS1 round brilliant.
Rapaport-based FMV — Rs 8.5 lakh3 carat Ceylon sapphire with GRS certificate.
FMV — Rs 6 lakhSchedule AL Category E — Motor Vehicles
2021 model • 55,000 km
FMV — Rs 22 lakh2023 model • 12,000 km
FMV — Rs 52 lakhImmovable Property: Rs 11.40 crore
Financial Interest: Rs 13.75 crore
Jewellery: Rs 51.74 lakh
Motor Vehicles: Rs 74 lakh
Rs 26.41 crore
Comprehensive Section 34AB Schedule AL multi-asset FMV certificate satisfying the ITD's Schedule AL evidentiary requirement for the AY 2025-26 ITR filing.
Retrospective Wealth Tax Assessment — Pre-AY 2016-17 Reopened
Delhi HNI • Assessment Year 2013-14
A Delhi-based HNI taxpayer received an Income Tax Department notice reopening the wealth tax assessment for AY 2013-14 under Section 17 of the Wealth Tax Act 1957. The assessment involved an allegation of undervaluation of immovable property and jewellery.
Retrospective Immovable Property FMV — Rule 3 ALV
Historical fair rent based on documented March 2013 rental-market data, comparable lease deeds and NIC India data.
ALV: Rs 5.40 lakh/year
YP: 10
Retrospective FMV — Rs 54 lakhHistorical commercial lease evidence and March 2013 market data.
ALV: Rs 12 lakh/year
YP: 8
Retrospective FMV — Rs 96 lakhRetrospective Jewellery FMV — Rule 6
Documented gold jewellery: 600 grams gross with 916 BIS hallmark.
Historical IBJA gold rate on 31st March 2013: Rs 2,895 per gram.
Gross gold value: Rs 15.96 lakh
Making charges: 8%
Retrospective Jewellery FMV — Rs 17.24 lakhRetrospective Net Wealth — AY 2013-14
Comprehensive retrospective Section 34AB certificate, documented historical comparable data and historical IBJA gold-rate evidence supporting the AY 2013-14 wealth tax assessment defence.
Black Money Act 2015 Foreign Asset Disclosure
NRI returning to India • Singapore & Mauritius assets
A Delhi-based NRI with documented 8-year Singapore residency returned to India during Financial Year 2024-25, with residential-status reclassification from NRI to resident Indian.
Previously undisclosed foreign assets included a Singapore residential property and Mauritius private-company equity.
Singapore Residential Property — Foreign Asset FMV
Documented Urban Redevelopment Authority transactional data for comparable residential condominium property in the same district.
Singapore comparable × property area, producing the Singapore FMV.
RBI reference rate on the valuation date.
Mauritius Private Company Equity — DCF Valuation
Company financial information used as the foundation for the valuation.
Forecasted free cash flow with WACC based on Mauritius risk-free rate, country risk premium and Beta.
USD/INR exchange rate: 83.
Schedule FA — Foreign Asset Disclosure
FATCA + CRS — Information Exchange Context
Awareness of the applicable financial-account information exchange framework.
Information exchange framework involving 100+ participating jurisdictions.
FMV documentation + Schedule FA disclosure + Black Money Act compliance support.
Comprehensive INR-equivalent foreign asset FMV certificate supported by the documented Singapore URA comparable, Mauritius DCF methodology, Schedule FA information and Black Money Act 2015 compliance documentation.
Need a Defensible Wealth Tax FMV?
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