How are Assets Valued?

Value of each asset can be found out using a different formula. When it comes to property, a multiplier factor gets applied to net rent. For jewellery, the value is decided based on the amount of money it will garner if sold in the open market on the date of valuation. If the amount fetched by jewellery crosses 5 lakh, then a registered valuer must submit a report regarding the same. Remaining assets can be valued by the Assessing Officer conducting the valuation or refer the case to a Valuation Officer. Sandeep Shanbhag, Director of Wonderland Investments and NRI tax expert, says, "Your chartered accountant should be able to help you with these details."