Asset valuation rule fixes non-cash asset value on valuation date, with an elective delayed valuation for residential houses. Asset value for wealth-tax purposes (excluding cash) is to be its value on the valuation date determined under Schedule III. For a house owned and exclusively used as a residence throughout the twelve months before the valuation date, the assessee may elect to take its value as determined under Schedule III on the valuation date next following acquisition or completion of construction, or on the valuation date relevant to the assessment year commencing on the first day of April, 1971, whichever is later; only one such house may be so elected and must be specified in the return of net wealth.