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Wealth Tax

This query is : Resolved 
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(Querist)
24 March 2010 Dear Experts,

Is wealth tax applicable on FD of a individual assessee worth Rs. 1 crore.

Kindly refer applicable provisions and case laws.

Regds,
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 March 2010 Wealth tax has to be paid on assets included in section 2(ea) of the Wealth tax Act,1957. Fixed deposit is not included in the above section. So no wealth tax has to be paid on bank fixed deposit.
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