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Wealth tax

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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.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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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