Wealth Tax Return in Form-BB

SHEET - 1 Part A-GEN (Personal Information, Filing Status):

• It is compulsory to quote PAN.
• Use block letters only throughout to fill in this form.
• Please tick „Ñ appropriate box.
• State the section under which the return is filed. In case of revised return, please furnish Receipt No. and date of filing.

Part B-NW (Computation of net wealth): Against items 1 to 5, transfer the appropriate figures from the appropriate items of applicable schedules, as indicated.

Part B-TNW (Computation of tax liability on net wealth): Mention amount payable against item 5 and refundable amount against item 6. As the refund, if any, shall be directly deposited into the bank account of the assessee, it is mandatory to furnish the requested details of bank account against item 7.

SHEET - 2

Part B-TP (Details of Tax and Interest paid): Furnish the correct BSR Code of the bank branch, date of deposit (in the DD/MM/YYYY format) and Challan Serial Number as mentioned in challan.

VERIFICATION: Read the instructions below the verification carefully before signing it. Fill all the relevant columns in the verification. Give the place and date as indicated.

Schedule IP (Immovable Property):

• Furnish the details of all immovable properties, mentioned in section 2(ea)(i) or section 2(ea)(v), held by the assessee whether located in or outside India. Value of immovable property should be declared as per the relevant rules of Schedule III to the Wealth-tax Act, 1957.
• In Sl. No.1, 2 and 3, furnish complete description, address including of all immovable properties.
• In Sl. No.4, indicate the value of the immovable property as calculated on the basis of provisions of the relevant rules of Schedule III to the Wealth-tax Act, 1957.
• In Sl. No.5, indicate the amount of debts owed, if any, separately in relation to each of the immovable property.
• In Sl. No.7, 8 and 9, in case of valuation by registered valuer, furnish the name of registered valuer, registration number of the valuer and the date of report of the valuer.

Schedule MP [Movable Property (other than jewellery, etc.)]: Furnish the value as per the relevant rules of the Schedule III to the Wealth-tax Act, 1957 and debt owed in relation to motor cars, referred to in section 2(ea)(ii), yacht, etc. referred to in section 2(ea)(iv) and cash in hand referred to in section 2 (ea)(vi).

SHEET - 3Schedule JE (Jewellery, etc.):

• Furnish the details of all items of jewellery, bullion, etc. referred to in section 2(ea)(iii) in this schedule.
• In Sl.No.1 to 5, furnish the complete description, weight, etc. of precious metal and precious or semi precious stone.
• In Sl.No.6 to 8, furnish the value of jewellery as per as per the relevant rules of the Schedule III to the Wealth-tax Act, 1957.
• As per rule 18(2) of the Schedule III to the Wealth-tax Act, 1957 the return of net wealth is required to be supported by a statement in the prescribed form, if the value of the jewellery on the valuation date does not exceed Rs. 5 lakhs or the report of the registered valuer in the prescribed form, if the value of the jewellery on the valuation date exceeds Rs. 5 lakh.
• The statement or the valuation report as mentioned in Rule 18(2) of Schedule III to the Wealthtax Act, 1957 is not required to be furnished along with the return but the details of valuation report i.e. the name of registered valuer, registration no. of the valuer and the date of report are required to be filled in Sl.No. 9 to 11.

Schedule INW (Includible net wealth of other person): Mention the name of the person, relationship, PAN, value, etc. in respect of assets belonging to any other person but includible in the net wealth of the assessee.

Schedule IFA [Interest held in the assets of a firm or association of persons (AOP) as a partner or member thereof]:

Furnish following details in respect of interest held as partner in a firm or as a member of an AOP:-

1. Name and address of each firm in which interest is held as a partner.
2. Name and address of each firm(s)/AOP(s) in which interest is held as a member.
3. PAN of Firm(s)/AOP(s)
4. Name of other partners/Members
5. Assessee¡¦s Profit Sharing Ratio in percentage.
6. The value of the interest in the firm or AOP is to be determined as per relevant rule of Schedule III to the Wealth-tax Act, 1957.
7. Debt owed, if any, in relation to meet interest is to be shown separately for each firm(s)/AOP(s).

The value of the interest of a minor child in the assets of a firm in which he is admitted to the benefit of partnership in such a firm is to be included in the assessee¡¦s net wealth under the provisions of the proviso to section 4(1)(b), should also be indicated at (i) above.

Schedule ACE [Assets referred to in section 2(ea) which are claimed as exempt under section 5]: Furnish the details of assets exempt under section 5 of the Wealth-tax Act, 1957. These are as nder:-

• Any property held by the assessee under trust or other legal obligation for any public purpose of a charitable or religious nature in India.
• The interest of the assessee in the coparcenary property of any HUF of which the assessee is a member, since the asset is already liable to tax in the hands of the HUF.
• Any one building which was in the occupation of a Ruler, which before the commencement of the Constitution (Twenty-sixth) Amendment was declared as his official residence.
• Jewellery in the possession of a Ruler, not being his personal property, and recognised by the government as his heirloom or which the Board had recognised as his heirloom at the time of his first assessment to wealth-tax.
• Moneys and value of assets, or the value of assets acquired by a person of India origin or citizen of India who was residing outside India if he returns to India with the intention of permanently residing in India. The exemption is provided for a period of seven successive assessment years commencing with the assessment year next following his return to India.
• In case of individual or HUF, one house or part of a house or a plot of land comprising an area of five hundred square meters or less.

SHEET - 4
Schedule OPR (Other properties):

This schedule is to be filled only by an individual or a HUF. A company is not required to fill this schedule.

In this schedule, furnish the complete details of all immovable and movable property held by the assessee, as on the valuation date, other than the following:

• assets which are liable for Wealth tax Act, 1957, the details of which are already required to be furnished in other schedules of this return form.
• assets claimed as exempt under section 5, the details of which are required to be furnished in Schedule ACE;
• assets located outside India and are excluded under section 6 based on the citizenship or residential status of the assessee; or
• assets being part of business or profession which is subject to audit under section 44AB of the Income-tax Act, 1961.