Wealth tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2015 Respected Sir/Madam ,

My father was a salaried person as well as farmer. He had 60 acre land bank .During his life's journey , he acquired movable as well as immovable assets mostly gold . His love towards gold like one's love towards god . My father had 3 son.

After their death , Property divided among us. Each brother received 200 grams of gold .

In short , i have 200 grams of gold + 40 grams of gold received on my marriage from father and mother in law and from relatives . Total 240 grams. Apart from gold i have 10 acre of land and two house. If i sum the value of total then it will be above 1 cr.

I never filed an wealth tax . Somebody told me i should declare my wealth information in front of IT apart from my income tax .

Is it really necessary to file an wealth tax ? Did i cross the wealth tax limit ?

If yes then ...
1) Whatever i received in partition will also be included in my wealth ?
2) if yes then will IT department ask for the source ? since i have a partion deed for immovable asset but i dont have any documents like bills of movable asset like gold coin , ornaments whatever i received in partition . Then what will happen ?

Hoping a valuable advice from your side ...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 August 2015 No wealth tax return to be filed now. Wealth tax has been abolished. Don't worry you have valid justification to prove your holdings.
File only income tax return if you earn taxable income.

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