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Wealth tax

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18 May 2014 what is wealth tax?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
18 May 2014 Wealth Tax is another form of Direct Tax. . Wealth Tax is charged based on net wealth on the corresponding valuation date. The valuation date is 31st March.

The benefits that you derive from ownership of property are taxed under this head. So, the wealth tax which you need to file before 31-Jul-2014 is for the period Apr-2013 to
Mar-2014.

Exemption limit is Rs 30 lacs. Tax @ 1% to be paid on taxable wealth in excess of rs 30 Lacs.
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