Wealth Tax
This query is : Resolved
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,
Is wealth tax applicable on FD of a individual assessee worth Rs. 1 crore.
Kindly refer applicable provisions and case laws.
Regds,
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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