Wealth tax


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Querist : Anonymous

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Querist : Anonymous (Querist)
14 October 2012 I've silver fine 94.226 Kg in my income tax balance sheet book value Rs.1150000,( Market Value 50 Lacs )
Am i liable under wealth tax

Manish Soni (Expert)
14 October 2012 Since the Market Value is more than 120% of Book Value, Rs. 50,00,000 shall be taken in your wealth. After exemption of Rs. 30,00,000, you need to pay Wealth Tax @1 on 20,00,000 that comes to Rs. 20,000.

Regards,
Manish Soni

Vikas Gupta (Expert)
14 October 2012 check value on 31/3/2012. if your total market value of ur wealth exceeds the limit then you are liable for wealth tax and

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 October 2012 I for got to add that i've given this silver on rent and shows rent as my source of income

18 October 2012 It will be your wealth and you have to pay wealth tax.


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