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Fixed deposits -for wealth tax calculation

04 March 2013

sirs please can you clarify weather fixed deposit with banks are taken for computing wealth as defined in wealth tax as no where fixed deposit is mentioned only amount greater than 50000 is taken please i am slightly confuse over the issue

will

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2 Replies

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 05 March 2013

No FD's are no counted for the purpose of computing Wealth Tax. Only cash-in-hand if it exceeds Rs 50000 then whole of it is to be considered for computing wealth of the assessee.

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Taxcel (CEO) (35 Points)
Replied 09 September 2014

Any investments shall not form part of wealth tax, only cash in hand if > 50,000 as of 31st March would be laible to WT, now you can use service of www.wealthtaxpro.com to file your wealth tax return online.