Wealth Tax Basic Provisions

Any building or land appurtenant thereto, residential or commercial (including a farmhouse within twenty-five kilometres of municipal limits and a guest house)

1. In case of a Company, a house

   1. meant exclusively for residential purpose; and

   2. allotted to an employee, officer or a wholetime Director whose gross annual salary is less than Rs. five lakhs.

2. House (residential or commercial) held as stock-in-trade.

3. House occupied for purpose of business/profession carried on by the assessee.

4. Residential property let out for at least 300 days in the previous year.

5. Commercial establishments or complexes.

Motor Cars

Used for the business of running them on hire or as stock-in-trade.

Jewellery, bullion and furniture, utensils or any other article made of gold, silver, etc.

1. When used by the assessee as stock-in-trade.

2. Gold Deposit Bonds issued under Gold Deposit Scheme, 1999

Yachts, boats and aircrafts

When used by the assessee for commercial purposes.

Urban Land being land situated

1. in any area within the jurisdiction of a municipality (by whatever name called) or a Cantonment Board with a population of not less than ten thousand as per last preceding Census; or

2. in an area within a distance of not more than eight kilometres from local limits of municipality or Cantonment Board as above and as may be notified by the Central Government in Official Gazette.

1. Land on which construction is not permissible,

2. Land occupied by any building constructed with the approval of the appropriate authority,

3. Unused land held for industrial purpose for a period of 2 years from the date of acquisition,

4. Land held as stock-in-trade for a period of 10 years from the date of acquisition.

Cash in hand

1. In case of individuals/HUFs: in excess of Rs. 50,000.

2. In other cases: an amount not recorded in the books of account.

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