Gold and Silver Rates from 1981 to 2013
Conversion Table
1 Tola = 11.664 Grams
10 Grams = 0.857 Tola
1 Kg. = 85.734 Tola
10 Tolas = 116.63 Kgs.
Note: (1) The gold and silver rates have taken from the Register of Bombay Bullion Association Limited
Mumbai
(2) Silver wares utensils etc.are liable for wealth tax from Assessment Year 1972-73 and onward.
Valuation for Gold Ornaments
In our opinion, while determining the market value of gold ornaments, the following factors are required to be taken into consideration, namely;-
| (i) Difference in price between 24 Carats of standard gold and 22 carats of Gold Ornaments | 8.33% |
| (ii) Licensed dealers margin of profit when ornaments are sold in the market | 3.00% |
| (iii) Melting charges payable to
government refinery and for conversion of gold ornaments into standard
gold bras percentage to be deduct in respect of gold bangles Soldering made of copper, silver etc. in necklace and other fancy ornaments varying between 8% and 10% % to be deducted in respect of gold ornaments other than gold bangles |
0.67% 12.00% 9.00% 12.00% |
For the reasons stated above, it is suggested to adopt the following formula
In Case of Gold Bangles Deduct 12%
In case of other ornaments made of Gold Deduct 12%
Note: Vide Circular No. 646 Dated 15.3.1993, The Board has decided that valuation report of jewellery as given by the registered valuer for a particular assessment year can be used for subsequent four assessment years subject to certain adjustments as specified under Rule 19 of Schedule III of the Wealth Tax Act.
Below is the Rate of Gold & Silver from Asstt. Year 1981-82 to 2013-14
| Asstt. Year | Valuation Date | Gold For 10 Gms. | Silver 999 Touch for 1 Kg |
| 1981-82 | 31st March 1981 | 1700.00 | 2720.00 |
| 1982-83 | 31st March 1982 | 1645.00 | 2680.00 |
| 1983-84 | 31st March 1983 | 1800.00 | 3105.00 |
| 1984-85 | 31st March 1984 | 1975.00 | 3570.00 |
| 1985-86 | 31st March 1985 | 2130.00 | 3955.00 |
| 1986-87 | 31st March 1986 | 2140.00 | 4015.00 |
| 1987-88 | 31st March 1987 | 2570.00 | 4794.00 |
| 1988-89 | 31st March 1988 | 3130.00 | 6066.00 |
| 1989-90 | 31st March 1989 | 3140.00 | 6755.00 |
| 1990-91 | 31st March 1990 | 3200.00 | 6463.00 |
| 1991-92 | 31st March 1991 | 3466.00 | 6646.00 |
| 1992-93 | 31st March 1992 | 4334.00 | 8040.00 |
| 1993-94 | 31st March 1993 | 4140.00 | 5489.00 |
| 1994-95 | 31st March 1994 | 4610.00 | 7115.00 |
| 1995-96 | 31st March 1995 | 4680.00 | 6335.00 |
| 1996-97 | 31st March 1996 | 5200.00 | 7600.00 |
| 1997-98 | 31st March 1997 | 4800.00 | 7340.00 |
| 1998-99 | 31st March 1998 | 4045.00 | 8560.00 |
| 1999-00 | 31st March 1999 | 4275.00 | 7660.00 |
| 2000-01 | 31st March 2000 | 4370.00 | 7645.00 |
| 2001-02 | 31st March 2001 | 4085.00 | 7180.00 |
| 2002-03 | 31st March 2002 | 5060.00 | 7950.00 |
| 2003-04 | 31st March 2003 | 5260.00 | 7660.00 |
| 2004-05 | 31st March 2004 | 6050.00 | 11625.00 |
| 2005-06 | 31st March 2005 | 6180.00 | 10675.00 |
| 2006-07 | 31st March 2006 | 8382.00 | 16770.00 |
| 2007-08 | 31st March 2007 | 9300.00 | 19600.00 |
| 2008-09 | 31st March 2008 | 11920.00 | 22314.00 |
| 2009-10 | 31st March 2009 | 15132.00 | 21855.00 |
| 2010-11 | 31st March 2010 | 16380.00 | 27460.00 |
| 2011-12 | 31st March 2011 | 20775.00 | 56900.00 |
| 2012-13 | 31st March 2012 | 28040.00 | 56290.00 |
| 2013-14 | 31st March 2013 | 29605.00 | 54182.00 |
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