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of <h1>Wealth Tax Act, 1957: How to Value Assets for Taxation, Including Immovable Property, Business Assets, and Jewellery.</h1> The Wealth Tax Act, 1957, outlines rules for determining the value of assets for taxation purposes. The value of assets other than cash is determined by specific rules, including definitions for terms like debentures, equity shares, and jewellery. For immovable property, valuation involves calculating net maintainable rent, adjusted by factors such as lease terms and property location. Business assets are valued based on balance sheets with specific adjustments. The Act also covers valuation of interests in firms, life interests, and jewellery, with guidelines for adjustments over subsequent years. The value of any other assets is estimated based on potential market sale price.
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