08 October 2013
Based on the following steps, the net wealth tax is calculated in india. Step 1 Assets specified in section 2(a) chargable in the hands of assessee on the basis of location of the assets and the assessee nationality and residentional status. Step2 Less : ------ Aggregate of values of the debts owned by the assesee on wealth tax valuation date in relation to above assets. Less : ------ Assets exempt U/S. 5 Step 3 Add ---- Deemed assets on the assessee's hands u/s 4 and Net wealth is calculated as per Wealth tax act in India.
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