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Wealth tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 November 2012 what should a person can do to save wealth tax?
whether he can show deemed rent in income tax and pay tax on it instead of paying wealth tax.
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CA Neha Chauhan

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CA Neha Chauhan (Expert)
29 December 2012 Hello dear,
First of all i would like to tell you that Income tax and wealth tax are two different tax law having different tax treatment, exemptions...if you shows deemed rent in income tax , it does not reduce your wealth tax liability...wealth tax has its separate rules to tax the wealth of person and you have to pay wealth tax if your wealth exceeds rs.30lacs
Regards,
Neha Chauhan
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