Wealth tax

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2014 Dear All ,

I have one house in Mumbai Which was purchase on march 2012 cost rs. 7850000/-

And keeping cash of Rs. 150000/- every year ending , I am salaried person so i have to file wealth tax return ? or have to pay wealth tax ?

thanx in advance...

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

07 August 2014 if the net assets cal as per wealth tax act exceeds rs 30 lakhs thn then is taxable @1%

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2014 my flat price is 7850000/- is it exceeds to 30 lakh than i have to pay 1% on 4850000/- ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

07 August 2014 u consult a ca as he will guide u how to cal n file wealth tax return also

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

07 August 2014 u consult a ca as he will guide u how to cal n file wealth tax return also

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

07 August 2014 u consult a ca as he will guide u how to cal n file wealth tax return also

Prof. Bajaj

Prof. Bajaj (Expert)

07 August 2014 If you have given the flat on rent for at least 300 days in an year, then no wealth tax is payable.

Also, if the said property is the only house property in your name, then no wealth tax is payable.