Life interest - wealth tax
Querist : Anonymous
Kindly explain me the meaning of Life Interest and explain that how to calculate it as per Wealth Tax Act, 1957.
Pl refer: https://www.taxpointindia.com/wealthtax_valuationlifeinterest10.html
Do write back if you have query.
Thanks//VaibahvJ
Querist : Anonymous
Querist : Anonymous
Mr. X (calculating wealth tax first time) having following assets having the value of:
House- 10.5L
Urban Land- 8L
Car- 3.5L
Jewellery- 1.2L
Total Business Assets- 12L
Interest in the Firm- 5L
Click here to login now
Similar Resolved Queries
- TDS 194-T applicability
- Price inclusive or exclusive of GST while made entry in P& L Account
- Tds on commission charges
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Applicability of GST on Salary Reimbursement Component
- Salary from Qatar in Dollars in India
- Consolidated financials
- Need Professional Opinion AY 2012-13 Old Demand
- Withdrawal in cash from partners capital account by partner
- FAST-DS Scheme - Foreign Assets
- CHECK RELATED
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Quick Links
Assistant Manager - Finance & Compliance
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Accounts Executive
Hema Yashwanth & Associates
Chennai
B.Com
View Details
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
CCI
Pro
CAclubindia
