Wealth tax

This query is : Resolved

Querist : Anonymous

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

Manish Soni (Expert)
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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

Vikas Gupta (Expert)
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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

Querist : Anonymous

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

CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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18 October 2012 It will be your wealth and you have to pay wealth tax.

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