Wealth tax

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2011 cash in hand in proprietary business in excess of rs50000 is it taxable wealth. if exempted means kindly give the section no.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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28 December 2011 Section 2(ea)(vi) of the Wealth Tax Act provides that asset includes:

cash in hand, in excess of fifty thousand rupees, of individuals and Hindu undivided families.

Accordingly, in case of individuals and HUF, cash in hand in excess of Rs. 50,000/- is treated as wealth.

However, the same will be chargeable to wealth tax if the wealth exceeds the specified limit.

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