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Wealth Tax

This query is : Resolved 
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(Querist)
17 March 2008 I want to know, in which circumstances wealth tax is applicable,
and when not.
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CA. Amit Daga

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CA. Amit Daga (Expert)
17 March 2008 when you have a wealth acc to the wealth tax,act and your wealth is exceeding by 15 lacs than you have to pay tax @ 1%
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CA Praveen Chopra

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CA Praveen Chopra (Expert)
17 March 2008 Wealth tax is applicable on individual,huf & company.If the net wealth of the above person exceeds Rs.15 lakhs than only wealth tax is payable and it is payable @ 1% of wealth exceeding Rs.15 lakhs.
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Gayathri Devi

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Gayathri Devi (Expert)
17 March 2008 I accept the point of Mr.CA.Praveen chopra & Mr.Amit daga
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
17 March 2008 THE WEALTH TAX SHALL BE PAYABLE @ 1% WHERE WEALTH IS IN EXCESS OF RS.1500000/- IT IS APPLICABLE TO INDIVIDUAL ,HUF AND COMPANY.THE NET WEALTH IS TAXABLE i.e ASSETS REDUCED BY DEBT IN RELATION TO THAT ASSETS
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