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Wealth Tax Wealth Tax is charged as per the chart shown below:
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. form Municipal Limits subject to exceptions b. Motor Cars owned by the assessee, other that those used for hiring business or as stock - in - trade c. Jewellery (includes ornaments 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 Corprn. / 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. Jewellery does not include Gold Deposit Bonds issued by the Central Government under Gold Deposit Scheme 2. One house or part of a house 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. A Plot of land not exceeding 500 sq meters (in addition to one house / part of a house) belonging to an Individual / HUF 7. Assets like Shares, Debentures, Deposits, Mutual Fund Units, Loans advanced, etc. The following assets are exempted from Wealth - tax: 1. Property held under a trust or other legal obligation for any public purpose of a charitable or religious nature in India 2. Where the Assessee has interest in the property of HUF in which he is a member 3. Assets and money brought in to India by person of Indian Origin or Indian Citizen, from a foreign country with an intention to settle down permanently in India. For this purpose, amount standing to the credit of the person in Non-Resident (External) Account in any Bank, in India is deemed to be the amount brought in by him into India on that date. Above exemption in available for 7 successive Assessment years. |
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For all your investment & insurance needs, please contact us at customerservices@brainpointinv.com |
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© 2008 Brain Point Investment Centre Pvt Ltd. All rights reserved. 648/649, Laxmi Plaza, SAB TV Lane, Off New Link Road, Andheri (W), Mumbai - 53. |
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