Wealth tax

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Querist : Anonymous

Querist : Anonymous (Querist)

13 November 2011 Dear sir\mam,
Here I want to know how to calculate the wealth tax

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 November 2011 For calculating Wealth-Tax, you have to apply rate of 1% on the Net wealth exceeding Rs30,00,000.
.
Net Wealth can be found easily by deducting
Debts owed in Respect of (Taxable) Assets
from the Total Assets.
.
In Wealth tax you would have to refer the
Act to find out which assets are Taxable Assets in the Wealth tax Act.

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