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
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