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reveals little-known tax rules on gold  Namita Devidayal, TNN
Jun 12, 2009, 07.08am IST  MUMBAI: The bizarre case of Sheetal
Mafatlal has opened a can of worms on how when it comes to their
baubles, most people either evade the law or are blissfully
ignorant about it.  For example, chartered accountants point out
that not many people are aware that they are liable to pay 1%
wealth tax every year on any gold and jewellery they own above
Rs 15 lakh in value. Given the recent spurt in gold prices, a
surprisingly large number would fall into this tax net, not just
`high net worth' individuals.  "We advise our clients that they
should re-value their gold and ornaments every three years,''
says K M Lakdavala, a chartered accountant. "If the total value
of the gold, ornaments and jewellery they own is above Rs 15
lakh, they should definitely be paying wealth tax on it.'' The
first 15 lakh of your total assets is exempt.  Another little-
known fact is that the