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Do i need to pay wealth tax as i had 8 lakh in cash

abhishek sharma (se) (128 Points)

08 June 2014

I had 8 lakh rupees in cash for around 7-8 months. Am I supposed to pay wealth tax. No other property I had.

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(Guest)

To check if you are liable to pay wealth tax, you have to compute the market value of your assets (including jewellery)and check if they exceed 30L. If not You are not liable.

CMA Poornima Madhava (CMA) (13112 Points)
Replied 09 June 2014

On 31st Mar (i.e. valuation date), if you (individual/HUF) have cash in hand in excess of INR 50000, such excess is liable for wealth tax, provided the value of other assets u/s 2(ea) exceeds the exemption limit of INR 30 lacs.