Wealth tax
This query is : Resolved
08 October 2013
how is wealth tax calculated?
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.
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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