Wealth tax
Querist : Anonymous
1 is it applicable to foreign citizen resident in india? if yes is there a difference between their taxabilty vis a vis normal citizen residents?
2 is there exemption for jewelery
3 what are the other items which are exempt?
Jewellery is not exempt from wealth Tax.
In wealth Tax only certain assets are taxable as assets so if you provide a tentative list of assets held by him as on 31.03.2011, with respective market value on valuation date i.e. 31.03.2011, you may be guided further in this regard.
Querist : Anonymous
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