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Wealth tax limit

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(Querist)
05 May 2014 Whats Wealth Tax Exemption Limit?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
05 May 2014 Rs 30,00,000/-. Wealth Tax paid on wealth exceeding Rs 30 lacs @1%.
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AJAY

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AJAY (Querist)
05 May 2014 i heard from some one its increased up to Rs. 1Cr. and some says its Rs. 30 Lacs..

its Rs.30 Lacs.. finally. right?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
05 May 2014 Yes. For Wealth-tax the basic exemption limit is Rs. 30 lakhs. This means that there is no liability to payment of wealth-tax if you have got a taxable wealth up to Rs 30 lakhs.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
05 May 2014 no 1 crore is wrong its 30 lakhs as basic slab upto which no wealth tax is applicable.
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