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Wealth-tax querry

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06 September 2014 Since last year wealth-tax is being levied on home owners who owns more than one home and the valuation of subsequent home(s) is more than Rs.30 lacs(?)

1)What is the rate of wealth tax? Is it 1% of the property value?

2)What is the frequency of paying this wealth tax? Is it payable every year till the property is held by the owner?
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CS Mitesh Mehta

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CS Mitesh Mehta (Expert)
16 December 2014 1. Wealth tax is charged @ 1% on net wealth exceeding Rs. 30 Lakh.

2. The due dates for filing Wealth Tax returns by different assessees, are the same as that given for filing Income Tax returns.
31st July for Individuals or HUF, 30th Sep for Company and individual or HUF whose accounts are required to be audited u/s 44AB
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