Wealth Tax Charges

Wealth Tax Charges

For Individual/HUF/Company

  • Wealth Tax is charged as per the chart shown below:

APPLICABLE TO RATE OF WEALTH TAX
1.An Individual/H.U.F/Company NIL
a.Net wealth upto Rs. 30 Lakhs
b. Net wealth more than Rs. 30 lakh 1% of the amount which net
wealth exceeds by Rs.30 Lakhs
1% of the amount by which net wealth exceeds Rs.30 Lakhs

The following Assets are subjected to Wealth Tax u/s 2(ea):

a.A Guest House, Residential House, Commercial Property and/or Farm House situated within 25 kms. From Municipal Limits sub. To exceptions

b.Motor Cars owned by the assessee, other than those used for hiring business or as stock-in-trade.

c.Jewellery( includes omaments made of Gold, Silver, Platinum or any other Precious Metal/precious Stones/Bullion & Furniture, Utensils or any other Article made of Gold, Silver, Platinum or any other Precious Metal/Alloy).

d.Urban land situated within the jurisdiction of Municipality/Municipal Corpn./Notified Area/Town Area etc. measuring more than 5400 sq.ft.

e.Cash in hand, over and above Rs.50,000 in case of Individuals and HUF and any unrecorded amount for other persons.

The following Assets are not liable to Wealth-Tax

1.Jewelery does not include Gold Deposit Bonds issued by the Central Government under Gold Deposit Scheme.

2.One house or part of a house or plot of land not exceeding 500 sq mts. Belonging to an Individual/HUF irrespective of value of the house.

3.Residential house let-out for a minimum of 300 days in the previous year.

4.Residential house held as Stock-in-trade.

5.Property in the nature of commercial complexes.

6.Asset like Shares, Debentrues, Deposits, Units, Loans advanced etc.

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