Wealth Tax
This query is : Resolved
17 March 2008
I want to know, in which circumstances wealth tax is applicable,
and when not.
and when not.
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%
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.
Gayathri Devi
(Expert)
17 March 2008
I accept the point of Mr.CA.Praveen chopra & Mr.Amit daga
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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