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Wealth tax

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(Querist)
08 February 2013 Should amount in bank account included while calculation of wealth tax?
if yes than under which section?
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Ajay Mishra

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Ajay Mishra (Expert)
09 February 2013

Hi

For Wealth Tax purpose:

Cash in hand;
a. In case of an individual and HUF cash in hand in excess of Rs. 50,000/- shall be included in assets.
b. In cash of any other person cash in hand not recorded in the books of account shall be included in assets.
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